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This paper explores the intellectual tradition of Max Weber,Emil Durkheim, Joseph Shumpeter and Karl Polanyi — economic sociologists whose work has been largely ignored by corporate governance scholars focused on the more traditional areas of economics. The foundation laid by Weber is the central focus of the paper. Weber's writing in Economy and Society laid the groundwork for an approach to the study of firms and markets that diverges significantly from that in of the neoclassical economic...
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Bringing together democratic theory and international political economy literatures, I begin with the thesis that economic globalization is undermining the embedded liberalism of the post WWII era. Embodied in the Keynsian welfare state, embedded liberalism held out democratic avenues for disaffected groups to hold political actors responsible for suffering induced by market forces. Transformations in the global economy, however, constrain the options available to governments and curtail...
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The current understanding of U.S. hegemony rests on the assumptions of neoclassical theories of both the state and the market. While the service-dominated economy is considered post- Fordist, the rhetoric of the state focuses on institutions of democracy. To what extent is our understanding of democracy dependent on the prior assumptions that the economy is ‘free’? If we reexamine the assumptions about the links between state and economy, drawing on the work of Gramsci, and Polanyi...
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Examines a neoconservative-religious right nexus that has emerged in and around the Bush White House. Discussion on the work of Karl Polanyi to examine a paradoxical tension that exists between U.S. nationalism and the promotion of a free-market economy; Family values nationalism and free market capitalism; Proposed two areas of critique that have been influenced by the work of Christian realists.
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This paper will explore the linkages and contradictions between the promotion of democracy and the application of economic and political conditionality in Southern Africa, with particular reference to Zambia. Many electoral democracies have emerged in Africa in the last decade in conjunction with and partially as a consequence of the conditions applied to loans by bilateral and multilateral donors. It will be argued that the process of conditionality and the neoliberal policies applied...
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Whether globalization will result in improvement or deterioration in protection of human rights is not a matter that can be observed in the short term. Globalization is, in effect, the second ‘great transformation’ (Polanyi) spreading capitalism over the entire world. In consequence, many of its short-term effects will be negative. Nevertheless, its medium and long-term effects may well be positive, as it impels social changes that will result in greater moves to democracy, economic...
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In examining the world-historical context of the rise of pan-Islamic nationalism in Iran, this paper posits Islamic fundamentalism as a modern and global (rather than premodern and local) movement. Drawing on Polanyi and linking economy, polity, and culture, this study traces the origins of pan-Islamic nationalism in Iran to the transformation of the world-market relations in the second half of the nineteenth century and the rise of the food/agrarian regime after 1870. It shows that the...
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Neo-liberal policies and practices which impugn state policies as artificial interferences in the smooth operation of markets are at work globally, nationally and locally. Based on research about the Justice for Janitors in California, this paper examines the experience of the campaigns in San Jose and Sacramento. The paper is organized around a tension between two issues about markets that are explained by Karl Polanyi: their social reality as complex political constructions and the...
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Challenging contemporary debates concerning the regulation of ocean fisheries, this paper deploys theoretical insights developed by Karl Polanyi. In The Great Transformation, Polanyi documented the consequences of the establishment of market economy upon European society, and thereby upon the entire planet. The concept of the self-regulating market, according to Polanyi was based on three "commodity fictions" of land, labor and money; the extension of this concept to all of the economic...
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In the introduction of the 2001 edition of The Great Transformation, Fred Block argues that we all have much to learn from the insights of Karl Polanyi. Relying on Polanyi’s arguments in the Great Transformation is not only useful in order to understand the history of market liberalism, but also for the contemporary debate on globalization and its contestation. The work of Karl Polanyi is inspiring a lot of academics nowadays who are studying the global uprisings since 2008. Some academics –...
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