The transformational model of social activity and economic analysis: a reinterpretation of the work of J.R. Commons

The work of J.R. Commons, I want to argue, bears a close relationship to, is clarified by and informs, recent developments in social theory. Specifically, recent developments in social theory, elaborated under the heading of critical realism, serve to organize or systematize Commons' work in such a way as to defend it against the commonly made criticisms of incoherence and irrelevance to more general or theoretical concerns. On the other hand Commons' work, based as it is upon practical case study and intervention, serves both to extend or ‘deepen’ existing critical realist accounts and demonstrate their relevance for political economy.