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Un examen de la « marchandisation » montre qu’elle s’accompagne d’un processus inverse de dé-marchandisation, en particulier du travail, des ressources naturelles, du corps et des échanges, sous l’impulsion de l’État-Providence, du droit et de la société civile. ENG: "Commodification" is accompanied by the opposite movement of de-commodification, in particular for labor, natural ressources, bodies and exchanges, under the impulse of the Welfare state, law and civil society.
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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...
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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...
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The article discusses the function of the state within Polanyi's double movement and the limitations of the state as a governance mechanism under globalisation, the way transnational nongovernmental organizations (NGO) and social movements examine gaps in governance within capitalism as an alternative way of preventing the market powers exercised multinational corporation (MNC), and the way the Global South position itself within the global economy and the creation of governance mechanisms.
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This paper analyses how the economic actions of water distribution and exchange are embedded in the culture of indigenous communities in the Cordillera highlands of Northern Luzon, Philippines. Such actions are fundamental to water access and provisioning. Data was derived from a series of focus group discussions conducted with various water users, including households, farmers, enterprises and local government officials, and from upstream, midstream and downstream communities along the...
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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...
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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...
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As Karl Polanyi indicates in the 'Great Transformation',1'the so-called self-regulating markets cannot exist for any length of time without destroying human society'. Three 'Great Transformations' have taken place. The first occurred in Europe at a time when it was widely believed that markets were nature's way of managing exchange in an efficient way and that interference in the workings of the market, as Adam Smith argued, was not only artificial, but against the laws of God.2 The second...
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Many economists, including mainstream economists, have declared the necessity of an ambitious public investment program for Europe. The continuation of the present laissez-faire and austerity approach, they say, will deepen the dissatisfaction of European peoples with the European project. In effect, in the absence of inspiring progressive alternatives, there is the real prospect of nationalistic reactions everywhere, with fragmentation and the end of the EU (or even worse) as a consequence....
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A fundamental methodological problem is the relevance of an antagonism of capitalism. This needs to be classified in light of the developmental stage of the means of production: far too little attention is paid to the contradictory character of individualization and socialization. This brings us to Karl Polanyi's main argument of disembedding. He also deals with a shift from the socially integrated (and dependent) individual to the utilitarian market citizen. The French regulationist theory...
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A commentary on Asad Zaman's paper “The Methodology of Polanyi's Great Transformation”
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This paper examines the long-run fluctuations in growth and distribution through the prism of wage- and profit-led growth. It argues that the relation between distribution of income and growth changes over time and proposes an endogenous mechanism that leads to fluctuations between wage- and profit-led periods. The ephemeral character of distribution-led regimes needs to be taken into account when someone estimates empirically the effect of a change in distribution on utilization and growth....
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Polanyi's book, The Great Transformation, provides an analysis of the emergence and significance of capitalist economic structures which differs radically from those currently universally taught in economic textbooks. This analysis is based on a methodological approach which is also radically different from existing methodologies for economics, and more generally social science. This methodology is used by Polanyi without explicit articulation. Our goal in this article is to articulate the...
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With the contemporary crisis of liberal democracy and the rise of illiberalism in the aftermath of the global financial crisis we need a theoretical framework that links modernization, crises and the fate of democracy. In my paper I attempt to show that Polanyi’s thinking represents such a framework. I focus on Polanyi’s historically informed political economic analysis of the tensions between liberal finance and liberal democracy. In the first section I reconstruct Polanyi’s political...
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