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Hann, C. & Hart, K. (Eds) (2009). Market and society: The great transformation today. Cambridge, UK: Cambridge University Press, cloth, $110.00, pp. xi, 320, index.

This chapter examines Karl Polanyi's critique of formalism in economics and his case for a more institutional economics based upon a reconstitution of the facts of economic life on as wide an historical basis as possible. The argument below reviews Polanyi's argument with regard to the relation between economic anthropology and comparative economics, the contrast between the formalist and substantive approaches to economic analysis, the notion of an economistic fallacy, the most important limitations of the conventional formalist economics approach, and the nature and import of the new departure that Polanyi envisioned.

Resurgent interest in the life and work of the Italian Cambridge economist Piero Sraffa is leading to New Directions in Sraffa Scholarship. This chapter introduces readers to some of these developments. First and perhaps foremost is the fact that as of September 2016 Sraffa’s archival material has been uploaded onto the website of the Wren Library, Trinity College, Cambridge University, as digital colour images; this chapter introduces readers to the history of these events. This history provides sharp relief on the extant debates over the role of the archival material in leading to the final publication of Production of Commodities by Means of Commodities, and readers are provided a brief sketch of these matters. The varied nature of Sraffa scholarship is demonstrated by the different aspects of Sraffa’s intellectual legacy which are developed and discussed in the various entries of our Symposium. The conclusion is reached that we are on the cusp of an exciting phase change of tremendous potential in Sraffa scholarship.

Bosco, Liu, and West's chapter on underground lotteries in rural China is one that begs permission to cross the boundaries between parts of this volume, for it deals with the integration of the Chinese economy with others, and it also poses certain moral questions about the nature of markets and rationality in economic exchanges (see also Suarez, this volume). But the authors, after reviewing the evidence, ultimately conclude that China's underground lotteries must be viewed in relation to that country's phenomenal economic development in recent decades. They show that the rise of illegal underground lotteries in China is tightly connected to the development of the modern capitalist economy there, and that although it seems at first glance to be powered by irrationality and superstition, it actually functions according to capitalist principles – at least as viewed by the participants. They also argue that rural villagers who place bets in them are not mere victims of nonsensical beliefs or of opportunistic “outsiders,” but rather that they are participating in their own way in a system in which luck clearly plays a very large role, but one over which they have little control, and one that is grounded in the historical commercialized economy of China (see also Richardson, 1999). It is interesting to note the way that participants rationalize the lottery and their actions through their assumption that it is rigged – their approach to it is markedly different from that of someone from, for example, Japan or the United States, where such a lottery is assumed from the start to not be rigged. Bosco and co-authors well demonstrate here the importance of viewing a cultural phenomenon as part of a greater whole, and one in a constant state of flux.