LABOR MARKET IN THE CONTEXT OF KARL POLANYI'S APPROACH TO THE CONCEPT OF EMBEDDEDNESS
LABOR MARKET IN THE CONTEXT OF KARL POLANYI'S APPROACH TO THE CONCEPT OF EMBEDDEDNESS

Summary/Abstract: KARL POLANYI STATED THAT ECONOMIC SYSTEM WAS EMBEDDED IN THE SOCIAL STRUCTURE IN PRIMITIVE SOCIETY, HOWEVER, WITH THE TRANSITION TO MODERN SOCIETY AND THE EMERGENCE OF MARKET ECONOMY, THE SOCIAL STRUCTURE BECAME EMBEDDED IN THE ECONOMIC SYSTEM. ALTHOUGH INDIVIDUALS SEEM TO MAKE ECONOMIC DECISIONS BY TURNING A BLIND EYE TO SOCIAL RELATIONS IN A MARKET ECONOMY, THERE ARE SOCIAL RELATIONS UNDERLYING INDIVIDUALS' CONDUCT TOWARDS EACH OTHER. THE LABOR MARKET, AS OTHER MARKETS, FUNDAMENTALLY EXPRESSES A SYSTEM THAT OPERATES IN THE DIRECTION OF SUPPLY AND DEMAND, HOWEVER, THE DETERMINATION OF THE LABOR COST BETWEEN EMPLOYEE AND EMPLOYER IN THE LABOR MARKET IS THE MOST OBVIOUS FORM OF THE COMBINATION OF ECONOMIC AND SOCIAL BEHAVIORS IN THE LABOR MARKET. ACCORDING TO POLANYI, THE ENTITY OF MARKETS IN THE LIBERAL SYSTEM AND THE COMMODIFICATION OF LABOR, LAND, AND MONEY ARE INDICATIONS THAT THE SOCIAL STRUCTURE IS "EMBEDDED" IN THE ECONOMIC SYSTEM. THE AIM OF THIS STUDY IS TO THEORETICALLY DISCUSS THE EFFECTIVENESS OF SOCIAL RELATIONS IN THE FUNCTIONING OF THE LABOR MARKET.

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