ABSTRACT
This chapter selectively reviews recent neoclassical theory regarding the impact of social norms, information and institutions on the operations of markets. It then turns briefly to sociological theory of social relations in the capitalist economy. The theories of networks and ‘social capital’, in particular, focus on social relations as constitutive parts of economic activity, and have become influential in analysing the interaction of economic and social relations in the capitalist economy. The purpose of this chapter, apart from deriving insights from the theories reviewed, is to provide a contrast with the Marxist discussion of social and economic
relations in previous chapters. The economic and sociological theories discussed below ignore the class nature of capitalism, and pay no heed to the specific character of capital as economic and social phenomenon. Consequently, they miss the specific character of the interaction between the economic and the non-economic in capitalist society, the overbearing presence of class exploitation and money profit.
