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In his classic 1944 book, The great transformation, Karl Polanyi traced the roots of capitalist crisis to efforts to create ‘self-regulating markets’ in land, labour and money. The effect was to turn those three fundamental bases of social life into ‘fictitious commodities’. The inevitable result, Polanyi claimed, was to despoil nature, rupture communities and destroy livelihoods. This diagnosis has strong echoes in the twenty-first century: witness the burgeoning markets in carbon emissions...

The ecological crisis has intensified in many respects. Prominent proposals to deal with the crisis are discussed under the header 'sustainability transformations' or even 'Great Transformation'. We argue that most contributions suffer from a narrow analytical approach to transformation ignoring the largely unsustainable dynamics of global capitalism and the power relations involved in it. Thus, a 'new critical orthodoxy' of knowledge about transformation is emerging which runs the danger to...

When the capitalist system hits the rocks and neoclassical economics loses its aura, alternative traditions invite attention. Tim Rogan’s The Moral Economists i

This article presents a new theoretical and empirical approach to understand family policy expansion in relation to the political economy of welfare state retrenchment and social reproduction in 23 OECD countries. From a Polanyian perspective, this expansion can be interpreted as a movement toward commodification and liberalization, and a countermovement of gender liberation. The first movement seems to characterize family policy expansion as a tool to foster neoliberal capitalism and the...

James O'Connor's "second contradiction" thesis is widely misunderstood as an ecological crisis theory. Most of the criticisms of the theory derive from this misreading, including those which ignore relations between ecological, personal and communal conditions and those which see the "first" and "second" contradictions as materially distinct. O'Connor himself is partially responsible for the misreading, however. His writings tended to put the ecological out front, and his use of Polanyi's...

The proposal has been put forward that ecological economics seek to become substantive economics (Gerber and Scheidel 2018). This raises important issues about the content and direction of ecological economics. The division of economics into either substantive or formal derives from the work of Karl Polanyi. In developing his ideas Polanyi employed a definition from Menger and combined this with Tönnies theory of historical evolution. In this paper I explore why the resulting substantive vs....

This article seeks to subject Fred Block and Margaret Somers' influential reconstruction of Karl Polanyi's The Great Transformation to a systematic review. I show that Block & Somers's central claim—that Polanyi's thinking underwent a "theoretical shift" as he wrote his seminal book—is not supported by archival evidence. I demonstrate that all the narrative keys that Block & Somers advance to lend plausibility to their discovery of a "theory of the always-embedded market economy" in The...

This paper explores and examines the distribution of environmental conflicts in Germany between 1985 and 2015, analysing the main causes for environmental conflicts related to privatisation and de-privatisation processes of urban services in 80 German cities. Using information collected via means of a Delphi Method based on focus groups with experts, we identify 90 cases of large-scale privatisation initiatives involving urban services occurred in different fields within the period...

Building upon interdisciplinary efforts to understand the origins, logic and significance of global cities, this article argues that global cities should be seen as a critical component and outcome of a political project to generate a global market society. Global cities should be seen as the successful implementation of free-market political philosophy, constructed and defended by a particular historical configuration of international society. The historical transformation of urban form...

This article investigates the (dis)embeddedness of digital labour within the remote gig economy. We use interview and survey data to highlight how platform workers in Southeast Asia and Sub-Saharan Africa are normatively disembedded from social protections through a process of commodification. Normative disembeddedness leaves workers exposed to the vagaries of the external labour market due to an absence of labour regulations and rights. It also endangers social reproduction by limiting...

Large companies once offered workers lifetime security and generous benefits. Then they stopped, setting the stage for our populist moment.

Croatia has experienced a marked boom in household debt in the 2000s. Much of this lending took high-risk and predatory forms that transferred significant risks to debtors, which in turn became the target of contestation by debt activists. This paper uses the Polanyian idea of "double movement" to show how the Croatian debt contestations responded to the distinctively peripheral form of financialization in Eastern Europe, characterized by unequal geoeconomic relationships and an intensified...

This study centers on the premise that entrepreneurship is an embedded process. Although "the entrepreneur" is inherently an "individual," entrepreneurship can never be fully disembedded from the more general social settings within which any business venture is situated. An Islamic‐based economic discursive framework should be cognizant of the different forms of sociality, spatiality, and community as well as the various norms, codes, and symbols that define society more generally. The work...

In the article, the author examines the social science theories of Fred Block, particularly on such topics as capitalism, finance, markets, and government. Other topics include Block's opinions on Polanyian socioeconomics, his thoughts on economic diversity and capitalist transformation, as well as the universalist model of capitalism as free-market globalism.

Vereinzelte Verweise auf westmitteleuropäische Länder, die USA oder Australien machen aber deutlich, dass die neoliberale Politik auch in diesen Ländern zu einer Verschärfung der Spaltungen zwischen verschiedenen Gruppen auf dem Arbeitsmarkt und zwischen diesen und den "Abgehängten" ohne Aussicht auf eine dauerhafte Integration in den Arbeitsmarkt geführt hat. Die Fragen nach der Nachhaltigkeit von Allianzen zwischen Gewerkschaften und sozialen Bewegungen, den politischen und...

The article offers a critique of the prevailing understanding of the relationship between neoliberalism and classic nineteenth-century liberalism in contemporary international political economy (IPE) and offers a redefinition inspired by Polanyi and Gramsci. Within critical IPE studies, a consensus has emerged that neoliberalism cannot be reduced to a simple attempt to roll back the economy and let loose free-market forces. However, this insight relies on contrasting neoliberalism with a...

Worldwide emergence of strongmen leaderships and eroded or failed democracies suggest that the era of unchallenged neoliberal hegemony may be winding down and that alternatives are rising. The presidential election of Donald Trump has inspired rightwing populists at home and abroad. This paper will analyze the Trumpist fusion of authoritarian ethnoracial nationalism with neoliberal adventure capitalism and the broader matter of how neoliberal de-democratization opens way for right-wing...

Karl Polanyi’s “substantivist” critique of market society has renewed topicality in the era of neoliberal globalization. Polanyi (1886–1964) is popular among critical theorists and radical political economists, but also with ecological activists, anti-globalization campaigners and all who sense that ongoing financial turmoil is symptomatic of a deeper crisis threatening the compatibility of capitalism and democracy. The author reclaims the polymath Karl Polanyi for contemporary anthropology,...

Karl Polanyi started his career as a doctor of law and practiced law for a while; but he did not become a legal scholar. As an economic historian, anthropologist, or sociologist, he was concerned with the relation of economy and society. But even though law is an important factor in mediating this relationship, Polanyi gave little attention to the law as such. As part of an endeavour to advance a ‘Polanyian’ economic sociology of law, this article develops the ‘law of market society’ as an...