Your search

Despite growing evidence of significant impacts from human-induced climate change, policy responses have been slow. Understanding this policy inertia has led to competing explanations, which either point to the need to build a consensual politics separated from economic partisanship, or which encourage solidarities between environmental and social movements and issues. This article analyses a recent successful mobilisation, leading to the passage of the Clean Energy Act in Australia, to...

Ariane Fischer, David Woodruff, and Johanna Bockman have translated Karl Polanyi's 'Sozialistische Rechnungslegung' ['Socialist Accounting'] from 1922. In this article, Polanyi laid out his model of a future socialism, a world in which the economy is subordinated to society. Polanyi described the nature of this society and a kind of socialism that he would remain committed to his entire life. Accompanying the translation is the preface titled 'Socialism and the embedded economy.' In the...

Drawing on Polanyian logic, we focus on the gradual institutionalization of capitalism in the Czech Republic and the protests accompanying this process. We hypothesize that different configurations of political economy, or what we term the political economic opportunity structure, trigger different popular responses and are a potent indicator of expected protest forms. To analyze this we chose to carry out a country case study, in which many variables commonly associated with political...

Polanyi analyzes the historical deployment of a “formal” economic science starting from the “market-scarcity-instrumental rationality triptych.” This triptych, and the knowledge associated with it, is shown to be more than merely a “substantial” economic science’s interest in the triptych “need-nature-institution.” While we must agree with Polanyi that economism is ill-suited to the first triptych, we hesitate to accept his suggested alternative, a heterogeneous mixture of naturalism and...

This article surveys the scholarship on the countermovement against the diffusion of capitalism and market economy in the Global South. We identify two streams of analysis in the literature. On the one hand, scholars observe contentious politics instances where the spread of capitalist production relations enables the associational capacity and bargaining power of social classes. On the other hand, there are voluminous studies on contentious politics in the Global South where groups such as...

To enrich the discussion of global labor, between 2010 and 2016, we studied Apple’s value chain, Foxconn’s mode of labor control, and Chinese workers’ struggles. Through our fieldwork in China we also examined Apple’s and Foxconn’s responses to the spate of worker suicides, workers’ resistance, the activism of scholar and student groups, and transnational justice campaigns. We conclude with reflection on global labor studies in light of the debates between Karl Polanyi’s counter movement and...

This paper provides an overview of some of the main theories of the welfare state. It builds upon Polanyi's theory of the double-movement and relates this to Bourdieu's concept of multiple capitals. It argues that the welfare state can be understood as a form of public capital, both in an economic and sociological sense. The welfare state emerges and is maintained due to a social countermovement that at least partly removes areas of socio-economic life out of commodity relations. In turn...

For several decades now, critical public health researchers have highlighted the deleterious effects that pursuing neoliberal policies can have on the ‘causes of the causes’ of poor health and upon growing health inequalities. This paper argues that the conceptual tools of Karl Polanyi can help lend particular insight into this issue. The specific example that this paper focuses upon is the ‘social enterprise’: a form of organisation that combines both social and business objectives. The...

In this article we analyse Fair Trade as a form of non-state regulation, building on the literature on the internal politics and governance of Fair Trade International (FTI) certification. We focus on recent developments in the FTI certification system, including the split of Fair Trade USA from FTI and the emergence of the Small Producer's Symbol (SPP) as an alternative to FTI certification. We highlight the role of the three regional Producer Networks, in particular the Latin American...

As capitalism unfolds, continual technological advance -- in combination with the relentless accumulation imperative -- serves to amplify material progress. The expanding economic sphere begins to pervade the everyday lives and thinking of the individual. The institutionalization of the market fundamentally changes the structure of society and, in so doing, fundamentally changes the institutional structure through which individuals are socialized. The social dislocation generated therein...

Land ownership, as commonly understood today, originated with the enclosure movement during the English Tudor era almost four centuries ago. Karl Polanyi referred to this “propertization” of nature as the “great transformation.” That land, water, and air was a social commons is now archaic and forgotten, and with it the classical economic concept of rent, which was, in theory, once paid to royalty as the earth's guardian. Garrett Hardin's article, “The Tragedy of the Commons,” raised alarm...

This paper aims at interpreting Polanyi's theory on substantive and embedded economy as a possible insight to interpret rich empirical findings of “new economics”. Key phenomena and concepts of Polanyi, especially the “latent commodities” may provide new explanations on how inappropriate political regulations and social conventions biased the integration of land (natural resources), labor and money into past-decades markets, and how led to crises. As a hypothesis the paper suppose more about...

The period of very high foreclosure rates sets the 2007–8 financial meltdown apart from similar banking crises fueled by asset price booms. Why did the 2007–8 meltdown lead to a prolonged foreclosure crisis? Through a theoretical perspective built on Minsky’s financial instability hypothesis, Polanyi’s ideas about adverse consequences of commodity fiction, financialization of homes, and institutional coupling, I argue that commodifying houses as financial assets exposed mortgage loan holders...

Numerous U.S. cities suffered immense fiscal strain following the subprime mortgage crisis and financial crash of 2007–8. Diminished revenues, tightened credit, and speculative financing that went bad in the aftermath fueled widespread fiscal distress on the local scale. Although the current moment resembles fiscal crises that crested in cities in the 1970s–90s, two factors distinguish the current period. First, municipal affairs have become thoroughly financialized—dominated by speculative...

This introduction explains the logic of bringing together the perspectives of Hyman Minsky and Karl Polanyi to analyze processes of financialization. Although Minsky and Polanyi have very different intellectual trajectories, there are important complementarities in their approaches. The introduction also explains the focus of the three papers in this special section written by Kurtuluşc Gemici, Lucas Kirkpatrick, and David Woodruff. © 2015 SAGE Publications.

The sharing economy has generated enormous excitement with its promise of transforming work and consumption through technology and novel socio-economic relations. However, critics see the phenomenon as a further development of neoliberalism. Platforms such as Airbnb and TaskRabbit, monetize a previously uncommodified realm of life via renting of bedrooms, possessions, space and labor time. In this paper, we analyze the meanings and attitudes of sharing economy participants. On the basis of...

The paper is an application of the economic anthropology of Karl Polanyi to contemporary rural Hungary. After addressing the influence of Polanyi’s critique of market society and his standing in the discipline of anthropology, the main focus is the community of Tázlár on the Danube-Tisza interfluve. The paper traces the history of the ‘fictitious commodities’ of land and labour in this relatively isolated settlement, which was not fully integrated into the national society until the...

This article – a modified version of a lecture – is a contribution to the reception of Polányi in the West and the East, more precisely, to the inquiry about what impact Polányi’s views have had on American and Hungarian economic sociology, which are the contact points between the two, and what research perspectives they offer. It concentrates on the perception of embeddedness and redistribution, not touching on other views unless they are conducive to the comprehension of certain...