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The development economist Dani Rodrik recently declared that “the globalization consensus is dead”. The claim has momentus implications, because this consensus has steered economic policy around the world for the past quarter century. It emanates from the heartland of neoclassical economics, and defines the central tasks of the Washington-based organizations which claim to speak for the world. This essay answers two main questions. First, is Rodrik's claim true, and by what measures of...

This paper examines the extent to which one manifestation of neoliberal transnational legality, represented by the investment rules regime, may be vulnerable to critical resistance in the post-recession environment. If the regime was experiencing a crisis of legitimacy before the global recession set in, it might now be portrayed as having broken down entirely. This paper argues, in contrast, that the regime has a constitution-like resiliency that is intended to adapt and last far beyond the...

I examine Fair Trade (FT) as a social movement that emerges as a regulative force in response to the rise of neoliberalism. I apply Polanyi's (1944, 1957) classic concepts of embeddedness and the double movement to understand the conflict that arises within a coherently motivated social movement. Using interview and participant observation data along with content analysis of FT organization mission statements, this research examines the role of conflict within the FT movement over how best...

This article analyzes the development of “local food” institutions from a social movements perspective. Over the last decade, institutions that “shorten the links” between producer and consumer have developed through a diverse collaboration of many social sectors (farmers, agronomic experts, retailers, chefs, food writers, and several distinct consumer sectors). Some agronomists and rural sociologists critical of the globalization and industrialization of agriculture have recognized this...

Fair trade banana farming in the Windward Islands of the Caribbean has emerged since the late 1990s in response to a crisis. Rulings by the World Trade Organization ended a longstanding trade dispute between the US and the EU by eliminating a system of preferential access of Windward Island bananas to the UK market. What followed was a period of rapid decline in banana exports from these small islands and a widespread abandonment of banana cultivation. Those banana farmers who remain are now...

Karl Polanyi is considered one of the most prominent social scientists of the 20th century. In his writings, an important concern was the relationship between the markets and the society (therefore, the state) as a whole; to discuss it, he introduced the concept of "embeddedness", fundamental for his study of the origins and consequences of the Industrial Revolution. An important part of his heritage is the study of the economic history of what he called "ancient societies," especially of...

The core economic functions of production and distribution of goods can be handled by many different methods. After the fall of communism, the market mechanism has become nearly universal. Conventional economic theories argue that this is natural, because it is the best and the most efficient method for organizing economic affairs in a society. This paper, based on the analysis of Polanyi (1944) and Klein (2008) argues that the opposite is true. Market mechanisms conflict with natural...

The paper aims to examine Karl Polanyi's view of market evolution in the context of the emergence of a national grain market in China's transition economy. The dataset used includes information about inter-provincial grain trade on China's grain market from November 1999 to October 2000. A priori blockmodelling method is used for hypothesis testing. This paper finds that a partially integrated national grain market had emerged at the beginning of the twenty-first century in China in spite of...

China’s integration into the global economy, while rapid, has been managed as part of a wider liberalization process. The structural changes in the rural economy arising from these twin processes have led to widening intra-rural inequalities. To address these, the central leadership has, in Polanyian manner, moved to counter some of the adverse effects of liberalization and globalization. We discuss this dynamic as it has affected rural China. We analyze results from a national data set...

I find it helpful to view the events of the past twenty years or so in a Polanyian frame, and specifically to enquire as to the working out of the ‘double movement’ as the attempt has been made, in both China and India, albeit partially, to shift towards the self-regulating market.

Many popular conceptions of economy now delimit what counts as the ‘real’ economy by capitalist enterprises, market transactions and wage labour. Anthropologists describe such ideas of economy as abstract, dis-embedded (Polanyi 1957a, b) or virtual (Carrier and Miller 1998), arguing that these conceptions are not adequate to the empirical realities of lived experience. Beyond anthropology, there is a growing literature that theorises the ways academic accounts have themselves brought a...

The conventional wisdom holds that U.S. political institutions are inhospitable to industrial policy. The authors call the conventional wisdom into question by making four claims: (1) the activities targeted by industrial policy are increasingly governed by decentralized production networks rather than markets or hierarchies, (2) "network failures" are therefore no less threatening to industrial dynamism than market or organizational failures, (3) the spatial and organizational...

In Western democracies it is held that parties and their positions affect how politicians choose to make public expenditure and investment. This article examines the public policy choices of politicians in India, a large well-established democracy with remarkable subnational variation. Public expenditure, from education and health to agriculture and irrigation, is analysed. Counterintuitive findings - that election timing and political factors play a strong role in the subnational states,...

AbstractMany have argued that the success of European integration is predicated on reinforcing market structures and some have gone further to state that the creation of a transnational market results in a decoupling of markets from their national political and social frameworks, thus threatening to unravel historical social bargains. Drawing on the work of Karl Polanyi and John Ruggie and using their insights regarding the social embedding of markets, we dissent from this view by examining...

Although they receive little recognition for their contribution, peasant farmers in the global South play a fundamental role in securing the long-term global food supply. Via their self-sufficient agricultural practices, they cultivate the crop genetic diversity that enables food crops to adapt to changing environmental conditions. In this paper I draw upon empirical data from the Guatemalan center of agricultural biodiversity to investigate the concern that market expansion will displace...

The bank bail-outs enacted by the Brown government in the wake of the 2007 credit crunch have had a distinctive political character. Despite the government's pronouncements on the merits of swift and decisive interventions, I argue that this does not amount to a return to the interventionist regulatory form associated with post-war British welfare capitalism. The Polanyian distinction between ‘habitation’ and ‘improvement’ is used to show that the bail-outs were designed by contrast to...

The paper was presented as a keynote lecture at the 10th anniversary of the Amsterdam Institute for Advanced Labour Studies (AIAS) in April 2008. It surveys the trajectory of scholarly work on labor after 1945, from its initial emphasis on rights of industrial and social citizenship to its present preoccupation with "flexibility" and "flexicurity." It recalls the dissolution of the "Fordist" compromise in the 1970s and the subsequent gradual expansion of markets as the dominant mechanism for...

Karl Polanyi considered that the relationship between the markets and their societies was a central feature of any social order. He studied what he called "ancient societies," to compare them with his own times, in an effort to understand that subject This paper aims to show, following Polanyi's work on Classical Greece, that it is possible to make a clear analogy between the Athenian state and economy with the modern Welfare State. First, we present Polanyi's study of the early Athenian...

This note draws on Polanyi's pendulum in economic policies presented in the the Great Transformation—with swings back and forth between strong restrictions on the market and market domination, each resulting from excesses of the dominant model. The swing he described, when he wrote, was a reaction to the consequences of market domination, notably the Great Depression, and ushered in Keynesianism and the welfare state. In the late twentieth century, there was a swing back towards the market...