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In this paper, I present an analysis of those aspects of Karl Polanyi's social and political thought that relate to environmentalism and 'green' politics today. I discuss whether or not he prefigured the degrowth movement, before focusing on his understanding of the New Deal (1933-1939). At the time of writing, the prospect appears likely of a return, at a global scale, of economic slump, mass unemployment and ecological crisis, the background conditions to which Franklin D. Roosevelt's New...
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Karl Polanyi is the author of a modern social science classic, The Great Transformation, as well as a number of well-known and widely debated essays collected in Trade and Market in the Early Empires and Primitive, Archaic and Modern Economies. These texts were researched and written either during his second exile in 1930s Britain or in wartime or post-war North America. Not so well known, however, are his Hungarian writings from the 1910s. Until recently, very few of these had been...
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Since the 1980s, much debate has revolved around Karl Polanyi's concept of the 'dis/embedded economy,' generating some light and not a little heat. This paper looks at three reasons that account for part of the 'heat.' It begins by tracing the sources upon which Polanyi drew. They include Karl Marx, Ferdinand Tönnies, and Max Weber, along with anthropology of the inter-war period, and German and American Institutionalist economics. After exploring the differing ways in which these varying...
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In the neoliberal era, Karl Polanyi’s notion of the ‘double movement’ has been widely deployed by social scientists as a critique of the prevailing order and a predictor of its demise. This article presents the double movement theorem, drawing upon Polanyi’s published and unpublished writings. It explores parallels between his explanation of the advent of the 19th-century free-market regime in Britain and recent Polanyian accounts of the rise of neoliberalism. Following an analysis of the...
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This essay identifies a contradiction between the flourishing interest in the environmental economics of the classical period and a lack of critical parsing of the works of its leading representatives. Its focus is the work of Adam Smith and Thomas Malthus. It offers a critical analysis of their contribution to environmental thought and surveys the work of their contemporary devotees. It scrutinizes Smith's contribution to what Karl Polanyi termed the "economistic fallacy," as well as his...
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In this article I revisit Karl Polanyi's writings on ancient Mesopotamia. I begin by situating them in the context of his general approach to trade, markets and money in the ancient world. Next, I reconstruct his major theses on Mesopotamia, drawing upon his published works as well as unpublished documents in the Karl Polanyi and Michael Polanyi archives. Finally, I provide a critical assessment of the merits and demerits of his contribution, with reference to Assyriological research...
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The author offers his opinion on Hungarian historian Karl Polanyi and the views Karl expressed in a series of letters he sent to his brother Michael Polanyi. In these letters Karl wrote about the Germans attitude towards other Jews and the developing volatile social environment in Budapest, Hungary at the beginning of the 20th Century. He also wrote on the animosity between the Germans and the Jews.
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In this article I discuss Polanyi's intellectual formation in early twentieth-century Budapest and in 1920s Vienna, focusing in particular upon his relationship to Guild Socialist and Marxist theory and to Austrian Social Democracy. It was a period in which Marxism was evolving rapidly, and Polanyi was too. In his twenties, he reacted forcefully against what he saw as the evolutionary and deterministic traits of Marxist philosophy. In his thirties, his relationship to Marxism underwent a...
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Karl Polanyi is principally known as an economic historian and a theorist of international political economy. His theses are commonly encountered in debates concerning globalisation, regionalism, regulation and deregulation, and neoliberalism. But the standard depiction of his ideas is based upon a highly restricted corpus of his work: essentially, his published writings, in English, from the 1940s and 1950s. Drawing upon a broader range of Polanyi's work in Hungarian, German, and English,...
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This article explores the concepts of spontaneity and spontaneous order, in particular their deployment by Friedrich Hayek and Karl Polanyi. Although in many respects these thinkers were poles apart, the article identifies a point of convergence. They both mobilize the concept of spontaneity in a manner that naturalizes a particular social process: for Hayek, the market economy, for Polanyi, society’s protective movement that arises in reaction against the market economy. To contextualize...
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Drawing upon Karl Polanyi's journalistic writings and unpublished lectures from the 1920s and 1930s, this article reconstructs the lineaments of his research programme that was to assume its finished form in The Great Transformation. It identifies and corrects a common misinterpretation of the thesis of that book, and argues that Polanyi's basic theoretical framework is best conceived as Tönniesian: market society is Gesellschaft, while the ‘protective counter-movement’ of The Great...
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AbstractA major thinker and inspiring teacher, Karl Polanyi's contributions have long been influential in a variety of disciplines, notably economic sociology and economic history. Two of his innovations, substantivist economic anthropology and the “double movement thesis,” are recognized as seminal. All of the works for which he is known, however, were written late in life, when in exile, and very little is known of his Hungarian writings, virtually none of which had, until now, been...
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When the capitalist system hits the rocks and neoclassical economics loses its aura, alternative traditions invite attention. Tim Rogan’s The Moral Economists i