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The chapter offers an analysis of capitalist crisis through a reading and discussion of two seminal texts on capitalism, Joseph Schumpeter’s Capitalism, Socialism and Democracy [1943] and Karl Polanyi’s The Great Transformation [1944]. These inspiring works on economic history and social theory offer profound insights into the nature of capitalist crisis. Although written in the mid-twentieth century many of the insights in these books are of relevance to the current situation as capitalism...

Karl Polanyi (1886-1964) est surtout connu pour son livre The Great Transformation, et en particulier pour une idée contenue dans celui-ci : la distinction entre une « économie intégrée dans les relations sociales » et « des relations sociales intégrées dans le système économique ». Selon cet auteur, les activités économiques et techniques  n’étaient d’abord qu’une des nombreuses excroissances des activités humaines. L’économie archaïque a donc été au service des besoins humains. Mais, au...

Karl Polanyi’s double movement is a key tool for conceptualising free market fatigue in African business communities wrought by the insecurities of trade liberalisation. Synthesising Polanyi with Kwame Nkrumah’s work on neo-colonialism, the article argues that exhausted business communities in Africa can contest free market reforms and push for a return to developmentalist strategies, underscoring a double movement. In this discussion it highlights Ghana, a ‘donor darling’ in terms of...

In this article we argue that reinvigorating socialist politics requires championing a socialist worldview that goes beyond the critique of capitalism. Neglecting such an outlook leaves socialism tethered to the fortunes of capitalism and inhibits a broader account of its own virtues. We begin by explaining why worldview thinking is appropriate today. Then we examine two underappreciated works by Karl Polanyi (his 1927 lecture “On Freedom”) and Charles Taylor (his 1974 essay “Socialism and...

The rapid rise, expansion, and growing asymmetric power of online platform firms towards other businesses, labor and even the state itself occurred in a context of minimal regulatory oversight. In many respects, because the existing legal system was handicapped in understanding and regulating the new platform business models. The platform firms undermined traditional industry boundaries and developed surprising synergies by expanding in unexpected ways due to their ability leverage data and...

This book examines the development of Kurdish political economy and the emergence of collective Kurdish identity within a historical context through three main periods: the late-Ottoman Empire, the initial Republican Turkey era, and then the post-1990s period. It relates historical developments to the dynamics of Kurdish society, including the anthropological realities of the nineteenth century through the moral economy frame, the evolving nature of nationalism in the early twentieth century...

Karl Polanyi’s The great transformation emphasized the importance of non-market institutions for social equity and stability. In that same era, Friedrich Hayek postulated in The road to serfdom that superior economies were market-based and featured minimal government. I compare these worldviews in relation to property and violent crime. Using US county data, change in crime is modeled as a function of economic structure, economic conditions, and demographics. Consistent with Polanyi, the...

For Karl Polanyi, the economic system cannot be analyzed in isolation from social institutions. The economicism fallacy neglects social variables that are fundamental for determining economic action and systemic transformations. This implies that the rise of the self-regulated market system and its dominance over social institutions are not a natural movement when analyzed in the light of the entire history of human societies. For the author, what happened was a kind of uprooting of the...

The conventional way of producing and distributing food is based on the use of agrochemicals, fertilizers, industrial fertilizers and other techniques from the Green Revolution, with increasing dependence on financial-industrial capital, which implies the intensification of the agriculture commodification. The object of this study was the emergence of modes of organization resisting this trend. Based on the theoretical reference of Karl Polanyi (2012a, 2012b), a case study was developed in a...

The chapter reviews aspects of the possible transformation of the financial system into a banking complex, that comprises both embedded Too Big to Fail (TBTF) financial institutions and disembedded ones. The transformation of the financial system into a two-tier banking complex is the result of the disconnection of the TBTF embedded institutions and the right size to fail disembedded financial institutions. The chapter revises the scope and consequences of this change on the monopolization...

Polanyi spoke of the commodification of money, and this chapter focuses on how interest-bearing debt became the major dynamic, also contributing to the commodification of land and labor. By the late third millennium BC the main way to obtain manual labor was to lend money and make debtors work off their debts as an antichretic interest charge. Personal debt became the lever for creditors to pry land out of the clan-based tenure system, mainly for sale under economic duress. Debtors who...

Karl Polanyi’s call, in The Great Transformation, for a re-embedding of markets, is widely understood to have come to fruition in the American New Deal and in the post-war order of ‘embedded liberalism’. Based on archival sources, this chapter shows that Polanyi’s political project was far more radical. Polanyi initially considered the New Deal a vital response to the problems of American capitalism, but one that would have little relevance to the problems and dynamics of European societies....

The chapter addresses the potential of Karl Polanyi’s contribution as a spatial theorist, or as an economic geographer in all but name. Although Polanyi did not identify as a spatial or geographical theorist as such, his work is rich with spatial insights and implications, notably as one of the original analysts of economic diversity. The chapter begins by contextualising Polanyi’s work in relation to the shifting locales and vantage points that shaped its production. It then turns to the...

This chapter brings Karl Polanyi into dialogue with Thomas Piketty, author of Capital in the Twenty-First Century. The dialogue is intended to make visible key aspects of Polanyi’s theoretical framework while also suggesting limitations in Piketty’s approach to political economy. Specifically, the authors use the concept of ‘predistribution’ – implicit in Polanyi – to critique Piketty’s emphasis on redistribution as the solution to growing wealth and income inequality. Predistribution...

As factors of production, labor, money, and land play a role in economics that is rarely understood. The difficulty of deriving the contribution of the individual factor of production to the value of jointly produced final commodities (the famous “problem of imputation”) occupied generations of Austrian economists (Hayek 1984) and inspired Ludwig Mises to produce his 1920 article “Economic Calculation in the Socialist Commonwealth” (Mises 1935). Any attempt at rational socialist planning is...

ABSTRACT A reading of Karl Polanyi’s work gives us a broader and more plural view of the development process beyond the exclusively economic dimension. This scientific text aims to recover the theoretical contribution of Karl Polanyi and its contribution to the understanding of the development process from a plural and substantive conception of economy. The key lesson learned in this research is that regardless of a country’s economic system, one should pay attention to the existing...

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....

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...

As far right movements, social disintegration and international conflict emerge from the decay of the neoliberal order, Karl Polanyi's warnings against the unbridled domination of markets, is ever more relevant. The essays in Karl Polanyi for the 21st Century extend the boundaries of our understanding of Polanyi's life and work. They will interest Polanyi scholars and all interested in socialism and our future after neoliberalism. One asks whether, following Keynes and Hayek, Polanyi's...

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...