The moral economies of market societies : popular attitudes towards market competition, redistribution and reciprocity in comparative perspective

Abstract

In a classical typology, Polanyi distinguishes three basic modes of economic integration: competitive market exchange, redistribution and reciprocity. While markets are dominant in modern capitalism, redistribution and reciprocity are—to varying extent—also part of its institutional architecture. Asking whether such institutional differences are mirrored in distinct ‘moral economies’, we investigate ordinary citizens’ support for market competition, redistribution and reciprocity across 14 capitalist economies. Combining data from three comparative surveys, we analyze, first, the extent to which these principles are supported by citizens and whether they cluster into distinct ‘moral economies’; second, whether these norms are anchored in formal institutional settings; and finally, how privileged and disadvantaged groups differ in their support. While support for market competition is strong across countries, it is to varying degrees complemented by support for redistribution and reciprocity. We identify a competition-dominated, an embedded and a strongly embedded moral economy. The interplay of formal institutions and people’s social–structural position partly explains differences in popular support.