ABSTRACT
This chapter revives this focus by using a moral economic perspective to examine some of the ways in which markets and associated economic phenomena both depend on and influence moral/ethical sentiments, norms and behaviors, and have ethical implications. It argues firstly that while research in this area has benefited from the inspiration of Polanyi, his approach to embeddedness and "the double movement" has certain limitations, which can be remedied by theorizing the normative framing of economic activities. The chapter also argues that these contributions need to be augmented by consideration of economic responsibilities and the moral division of labor, and concludes. It describes that we can say more about these matters by drawing upon the work of Adam Smith. The chapter argues for a moral economic approach to the embeddedness of economic processes, and clarifies the two key concepts — "economy" and "morality.".
