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In a recent article for this journal, Stuart, D., Gunderson, R., and Petersen, B. [(2017). Climate change and the Polanyian counter-movement: carbon markets or degrowth? New political economy, 1–14. doi:10.1080/13563467.2017.1417364] discuss solutions to climate change in terms of Karl Polanyi’s concept of the double movement. They set up their argument as a critique of my own article on the topic to make the point that carbon markets do not constitute a genuine form of such countermovement....
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The concept of “Polanyi’s momentµ should be applied not only to point out some general analogy between today’s economic and social crisis and the one which occurred between the two World Wars and provoked the breakdown of European liberal society. In fact, Polanyi’s work allows us to hypothesize a much deeper continuity between the two crises, where both represent different stages of the same interregnum, the same process of institutional metamorphosis. It hereby helps us to decode the deep...
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Este ensayo pretende demostrar cómo el mercado autorregulado que pregonael neoliberalismo es una falacia y que tiende tarde que temprano a acabar odestruir las propias condiciones sociales, ambientales y culturales que aseguranla vida en el planeta. Basado en una globalización financierista, en la privatización yen la liberalización de mercado, ese modelo se ha convertido en la mayor fábrica deempobrecidos, logrando cooptar y subordinar a los Estados a sus designios a travésde las grandes...
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In an age of egregious inequality and rising authoritarian, many call for a new “moral economy” and turn to Karl Polanyi’s The Great Transformation for inspiration. Yet Polanyi’s great insight is that those who cannot reckon with the moral economy of “market justice”—the claim that market outcomes, however unequal, are morally just—fail to understand the power of capitalism. Justified by its original claim to rest on natural science, market justice laid the predicate for democracy as mortal...
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This chapter draws on Polanyi’s analysis of the economy-democracy tension to discuss today’s crisis in Greece and the Eurozone. First, some of the economic and social effects of the Greek austerity programme are discussed with reference to his observations on liberal international interventionism in the interwar period. Secondly, the chapter looks at the ways in which democratic outcomes (elections, referenda, parliamentarian decisions, etc.) in Greece and elsewhere were, during different...
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With the critical derivatives and financialization literatures as background, I argue in this essay that risk markets (i.e., derivatives and insurance markets) play an integral role in insulating global neoliberalism from popular and elite demands for reform, as well as from the related imposition of new forms of government intervention. Inspired by Polanyi’s “double movement” and Bryan and Rafferty’s (2006) notion of “blending” in derivatives markets, the argument rests upon the insight...
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Karl Polanyi's demanding vision of freedom and democracy seems far from the reality of our times and current ideologies. However, a deeper analysis reveals the ability of his political philosophy not only to find a solution of the paradox of liberty in spite of social constraints, indeed through social institutions, but also to answer the most important practical question with which we are confronted: that of improving, as Polanyi says, "our chances of survival." The conception synthetically...
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In the first part of the paper, the concepts of "planning for freedom" by Friedrich Hayek and Karl Polanyi are compared. Hayek rejects "central planning" and also all kinds of "planning for specific aims," but he defends the principle of "planning for competition" as the main condition of a free society. This principle includes the provision of a pertinent institutional framework and state intervention to create markets in spheres of society previously ruled by nonmarket principles. Polanyi...
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