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Karl Polanyi's most famous book, The Great Transformation, contains several ideas and theoretical notions which are at the heart of long-lasting controversies throughout the social sciences. Categories such as "double movement," "embeddedness," "disembedding," "market society," or "social freedom" have proved to be fruitful notions not only in anthropology, but also in sociology, political sciences, and economic history. The recent three volume publication of Karl Polanyi's writings during...
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This article offers an alternative institutional economic approach to the informal sector by interpreting the works of economists Karl Polanyi and Alexander Vasil'evich Chayanov. Far from withering away, the informal sector continues to occupy an important place within economies in general and within the so-called developing economies in particular. Relatively speaking, the informal sector is inferior and more spontaneous, if not actually incomplete. Within the informal sector there are...
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The article analyzes the global economy by subjecting it to an interpretive scheme derived from popular culture Boganism, an Australian colloquialism or street slang used by teenagers. Boganism, the social phenomenon of being both unaware and irresponsible, is the result of a particular type of human abandonment. This abandonment is linked to the new hypercapitalism of globalization. The article will establish the structural roots of boganism, examine the case of the abandonment of U.S....
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This paper brings together data from 17 OECD countries on scientific publications, patents and production, to explore the relationship between scientific and economic specialisation for 17 manufacturing industries. Since Marx, there has been a fundamental debate in economics about the link between science and the economic system. Marx argued that the needs of production shape scientific developments and that science has become a factor of production, whereas Polanyi argued that developments...
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This paper is based on the idea that between the 1920s and the mid-1930s in Vienna there were two forms of heterodox economic theory: the Austrian economic school headed by Ludwig von Mises and another interesting form of heterodox economics opposed to the Austrian school (above all politically) and pursued by various social thinkers (Otto Neurath, Karl Polanyi, Otto Bauer, Felix Schaffer, Felix Weil, Jacob Marschak). They were engaged in the debate on the possibilities of a planned economy:...
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The debate about so-called economic globalization has reached a new phase. The hegemony of neo-liberal thinking has ended, in the face of both the increased and increasingly effective resistance to the social consequences of neo-liberal market-making - rising inequality and insecurity throughout the world - and the visibly dysfunctional effects of lack of regulation - currency and stock market crashes, among others. Thus, the story about 'the rise and fall of market society', which was first...
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The starting point of this paper is this comment by Rhoda Halperin on the relationship between Marx and Polanyi. Our objective is, however, to examine how reading of Polanyi could be useful to understand, or supplement, Marx’s own views on both capitalism and the “human condition” in general, rather than vice versa. In this regard, we argue first that those followers of Polanyi who believe that Marx should be treated as a rival of Polanyi, and that Marx’s “historical materialism” and his...
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The history of modern economic thought has been pre-occupied with the question of economic transformation or development. This survey of important contributions to the economics of development includes many economists not normally considered as pioneers in this field. The contributors point to the role of imperialist considerations in the early development of economic thought and the development discourse, and the impact of pressures for social and political reform. The economists and...
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We extend Karl Polanyi's traditional economy concept to modern economies with advanced technology that are embedded in a traditional socio-cultural framework. This is the New Traditional economy, seen in parts of the Islamic world and with the Hindu nationalist movement in India. However, rural India is also the largest repository of the Old Traditional economy with its Hindu caste and jajmani system of reciprocal labour relations. The changes in India's complexly mixed economy, with its...
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