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This article reconstructs Karl Polanyi’s account of fascism’s rise in his 1935 article, “The Essence of Fascism.” Following the elevation of Hitler to power in 1933, Polanyi embarked on a reassessment of Nietzsche, Othmar Spann, Spengler, Evola, and other figures of the interwar conservative revolution. He argues that the fascist quest for national unity emerges when 19th century liberalism fails to address the growing atomization and economic dislocation of modern society. On the one hand,...
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The Great Transformation, published in 1944 by Karl Polanyi, brought a new dimension to the relationship between market, state, and welfare. Polanyi considered the relation between markets and societies as a central feature of any social order; according to him, while the market destabilizes society, the commodification of labor, land, and money creates a reaction or “counter-movement.” For this reason, he describes market society as being a dominant principle for social organization. Social...
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This article advances Rodrik's political trilemma of the world economy by using insights from Polanyi’s The Great Transformation, which helps to grasp the interwoven dynamics of long-term transformations due to climate change and geopolitical reordering on one hand, and on the other short-term political ruptures due to countermovements. Rodrik's globalization trilemma shows the incompatibility of hyperglobalization with the need for an enlarged democratic policy space. Its nodes...
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The basic proposition of this paper is that the so-called "new economic sociology", which is rooted in key ideas of Karl Polanyi, is an indispensable "tool" for two tasks: a) it provides us with a powerful critique of market fundamentalism, and b) it allows us to analyze the economic performance of contemporary capitalism by accessing the working of its institutional structure. From an analytical perspective, the paper suggests that Polanyian Economic Sociology is an essential complement to...
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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...
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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...