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This article explores Karl Polanyi’s analysis of the institutional separation of politic and the economy in the context of the 19th century market economy. The contribution his analysis could make to the quest for viable alternatives to the contemporary neo-liberal international order depends on how we construe two key concepts in his work, “disembeddedness” and “countermovement”. In this regard the author suggests that: 1) In Polanyi’s work the disembedded economy appears not as a sociological reality but as a political project, and 2) Polanyi’s analysis of the countermovement does not justify all types of resistance to the market economy as humane and politically acceptable.