Cambridge Journal of Economics Advance Access published online on September 17, 2007
Cambridge Journal of Economics, doi:10.1093/cje/bem020
Moral sentiments and economic practices in Kyrgyzstan: the internal embeddedness of a moral economy
* University of Kent, UK; and American University–Central Asia, Kyrgyzstan, respectively. The research project was largely funded by the Organisation of Security and Co-operation in Europe (Kyrgyzstan) and the American University–Central Asia Research Grant Committee
Addresses for correspondence: Balihar Sanghera, School of Social Policy, Sociology and Social Research, University of Kent, UK; email: b.s.sanghera{at}kent.ac.uk; Elmira Satybaldieva, Journalism Department, American University–Central Asia, Kyrgyzstan; email: seak8{at}yahoo.com
In The Theory of Moral Sentiments, Adam Smith notes that moral sentiments, emotions and feelings affect economic and social practices. In the literature on social embeddedness of the economy, sentiments and emotions are neglected, and more attention is given to rules, norms and institutions, which are seen as being instrumental in reducing transaction costs and creating social cohesion. By examining the transformation of Kyrgyzstan to a market economy, the authors show how emotions can motivate individuals to pursue ultimate concerns and commitments. Furthermore, it is argued that without moral emotions and institutional safeguards, economic practices and relationships can be distorted.
Key Words: Moral sentiments • Postcommunism • Markets • Class • Embeddedness
JEL classifications: A12, B50, P20, Z13
Manuscript received November 21, 2005; final version received April 26, 2007.