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Economic Action and Embeddedness
The Problem of the Structure of Action
Jens Beckert
CCOP Working Paper #2000-01
January, 2000
In this article I attempt to contribute to the development
of foundations for a sociological theory of economic action. Such
a theory, it is argued here, has to make a substantial break with
the teleological structure that informs both rational actor theory
and normative theories of action. Informed by the tradition of American
pragmatism I propose to base the understanding of action in economic
contexts on a "non-teleological interpretation of intentionality"
(Joas 1996). Such a theoretical conceptualization brings the interpretative
acts of intentionally rational actors to the center. It finds its
justification in the observation that the complexity and novelty
inherent in economic contexts create an uncertain environment for
actors which rules out optimizing decisions and provokes the question
as to how actors make such an environment intelligible for intentionally
rational decisions. I will argue that meaning and perceptions of
rationality are established intersubjectively in the action process
itself. Embeddedness then refers to the social structuration of
meaning which is enacted based on interpretations, a process which
is undetermined but not unstructured.
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