As discussed in the preceding chapter, a focus of this book is to develop and employ empirical and theoretical research in relation to South World regulatory arrangements, in order to propose alternative regulatory strategies that can, we argue, resolve problems with global regulation which have revealed themselves over the last decade. Having established in this chapter the nexus between social embeddedness and the organic regulatory form that we see as imbuing principle within socially sustainable regulatory actions, we further explore the concept of embeddedness as it applies in particular to the market societies. We do this as a precursor to a more focused consideration of law’s function in regulating private property relations which underpin North World market economies, and while currently aggravating social dis-embeddedness as we see it, if influenced by repositioned regulatory principle may act as agents for social bonding (see chapters 4 and 7). We begin this chapter with an examination of the recent global financial meltdown, and more specifically the numerous incidences of crisis that followed. With the subprime mortgage crisis, the Lehman Brothers collapse in 2008, and the Eurozone sovereign debt implode in 2009, it could now be convincingly argued that the market society, which Karl Polanyi identified as emerging along with Western industrialization,is crumbling.
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