Economy and State: A Sociological Perspective

Book review
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Control of private property in capitalist economies by the state remains unclear mainly because perceived absolute control of the means of production by capitalists. Unlike socialist economies, private owners control much of their means of production, as well as being entitled to their profits. One question that usually arises in these markets is about the extent to which the government can control private ownership of the means of production. “Economy and State: A Sociological Perspective” by Nina Bandelj and Elizabeth Sowers explores through dualism economic theory, significance of governments control in private ownership.
Thesis statement: The authors assert that much like in a socialist economy, private ownership should be an entity of economy left in the regulation of state

Summary of the book
Nina Bandelj and Elizabeth Sowers’ “Economy and State: A Sociological Perspective” explores the dynamics of intersection between economic sociology and social change in globalization. In order to advance new explanations of their theories in social economics, they focus on the bases of economy at the micro and macro levels through a quantitative, qualitative method or both. This book largely focuses on the factors that determine economic development. The key issues are the control of the state in economic development and other issues pertaining sociological perspective of economic development.
In a modern world where there is a large population of poor people against a small number of extremely rich individuals, this book will help one understand the dynamics of state and capitalism; the control that the state has on capitalist economies. Nina introduces the theory and concept of dualism in capitalist economies. In the book, we are also introduced in the factors that determine how much control the government should have on private property even though socialism is out of the whole picture.
Critique
In a classic perspective of state and economy, there is an assumption that the state and the economy are two conceptually different entities. The state is preoccupied with governance affairs while the latter is preoccupied with the management of resources for maximization of profits in private sectors. The two extremes are in conflict. If we perceive the state and economy as different entities, then, involvement of the state in the economy would be construed as an intervention in the private sphere. The question here is to what extent should the state control the economy? The theory is therefore focused on the quantity of state control in economy.
In her book, “Economy and State” Nina Bandelj explains why it is necessary for a state to control the economy. To understand her perspective, we look at the differences in capitalism and socialism. Whereas capitalism is an exchange in ownership of assets socialism in contrast, attributes ownership to a central authority. So in socialism, there is no market exchange rather redistribution by the central authority. The abolition of private ownership thus rules out market exchange in favor of alternative ways to organize the economic productions. Clearly, defining ownership affects the economi...