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As China, India, and other industrializing giants grow, they are confronted with an inconvenient truth: They cannot rely on the conventions of capitalism as we know them today. Western industrialism has achieved miracles, promoting unprecedented levels of prosperity and raising hundreds of millions out of poverty. Yet, if allowed to proceed unencumbered, this paradigm will do irreversible harm to the planet. By necessity, a new approach to environmentally conscious development is already...

Thomas Piketty's imposing volume has brought serious economics firmly into the mainstream of public debate on inequality, yet political science has been mostly absent from this debate. This article argues that political science has an essential contribution to make to this debate, and that Piketty's important and powerful book lacks a clear political theory. It develops this argument by first assessing and critiquing the changing nature of political science and its account of contemporary...

Polanyi's concept of the 'double movement' is frequently interpreted as the opposition between the problematic and unsustainable dynamics of the market and the benign and normatively desirable reaction against this by 'society'. This paper questions this dualistic interpretation of the double movement and undertakes a problematization of the Polanyian idea of social and environmental protection. It does this by revisiting the concept of the double movement in light of the recent...

KM - A book review of Capital in the Twenty-First Century that points out the glaring omission of Polanyi.

In an attempt to analyse the socio-economic transformations of the European Union, an increasing number of scholars have resorted to Polanyi's double movement thesis. In doing so, some scholars, by looking at the evidence of intensified marketisation of social relations, consider the EU disembedded; whereas others identify a re-embedding tendency in the recent surge of socio-environmental protection. The paper follows Lacher, Burawoy, Dale and Streeck's readings of Polanyi and argues that...

KM: Book review of "From the Great Transformation to the Great Financialization"

This paper aims to reconsider Polanyi's approach to money. His best-known writing on money uses is deeply original and presents strong insights that dissociate money from the concept of the market. Polanyi also developed an interesting non-dichotomous understanding of money in hisThe great transformation. However, taken together, these two contributions lead to some unresolved questions: his critique of the orthodox approach to money is ambivalent; his argument to separate payment from...

Economist Guy Standing explains how millions of people are in the precariat, and in defining this emerging class, points to the dangerous political and social consequences as well as the exciting progressive revival that this class could produce.

The work of Karl Polanyi has gained in influence in recent years to become a point of reference to a wide range of leading authors in the fields of economics, politics, sociology and social policy. Newly available in paperback, this volume is a combination of reflections on, and assessment of, the nature of Polanyi's contribution and new strands of work, both theoretical and empirical, that has been inspired by Polanyi's insights. It gathers together the key contributions to the first ever...

We review here recent developments in the anthropology of money and finance, listing its achievements, shortcomings, and prospects, while referring back to the discipline's founders a century ago. We take our departure from the work of Marcel Mauss and Karl Polanyi, both of whom combined openness to ethnographic research with a vision of world history as a whole. Since the 1960s, anthropologists have tended to restrict themselves to niche fields and marginal debates. The anthropological...

This study develops a Polanyian perspective on income inequality in advanced capitalist countries. Polanyi's historical account of the rise and fall of classic liberalism in Britain illustrated how social groups and society at large devised "protective institutions" to shield themselves from socially destructive market forces. Recent qualitative applications of this idea identify three protective institutions as being the most important - the public sector economy, trade unions, and the...

Following decades of economic globalisation and market-oriented reforms across the world, Karl Polanyi'sdouble movementhas been invoked not only to explain what is happening but also to give reasons for being hopeful about a different future. Some have suggested a pendulum model of history: a swing from markets to society leading, in the next phase, to a swing from society to markets, and so on. The double movement can also be understood dialectically as a description of an irreversible...

Marx and Polanyi both held that socialism, in one form or another, was a preferable and possible alternative to capitalism. Their ideas are seen to offer theoretical tools to understand the tensions and contradictions of capitalism, and to inform ways to overcome them. This paper discusses Polanyi's work from a Marxist perspective in order to illuminate his strengths and weaknesses. Its main focus is to discuss Polanyi's juxtaposing of commodification against exploitation, in diagnosing the...

The classical conceptualization of the working class, of workers’ collective action and, especially, of trade unionism, was implicitly or explicitly based on the Standard Employment Relationship that, for a few decades, has been dominant in North America, Europe, Japan and Australasia. The ‘classical’ model of collective bargaining, which has shaped the world's traditional labour movements, was based on this conceptualization. However, it is now increasingly undermined by the rapid spread of...

The recent upsurge in workers’ struggles globally has bought labour again to the forefront, despite predictions that the working class was no longer relevant as a force for social transformation. Neoliberal globalization, with the hypermobility of capital, has led to the emergence of new forms of flexible work/labour, the co-existence of old and new working classes, and an extreme rise in inequality, realigning class structures nationally and globally. Financialization has ushered in a new...

The crisis of neoliberal globalization has led many scholars back to Karl Polanyi in their search for alternatives to the present malaise. The dominant reading appropriates the concepts of embeddedness and the double movement in support of a system of regulated, welfare-state capitalism. This article contends, however, that the concepts of embeddedness and the double movement point not towards the need to regulate capitalist markets, but towards the radical supersession of capitalism itself.

Is there a labour movement in China? This contribution argues that China does not have a labour movement, but that contestation between workers, state and capital is best characterized as a form of ‘alienated politics’. Widespread worker resistance is highly effective at the level of the firm because of its ability to inflict losses on capital and disrupt public order. But authoritarian politics in China prevent workers from formulating political demands. Despite the spectacular repressive...

This article argues for the primacy of class relations and struggles as determinants of developmental processes and outcomes, emphasizing the evolving, dialectical nature of these relations. It does so by providing a case study of export horticulture in North-east Brazil. It documents how the region's rural trade union has been able, through mobilizing its membership base, to achieve significant improvements in their livelihoods, pay and conditions. It also shows how the region's employers...

This article sets out a framework for analysing the globalizing labour process, arguing that the old dualisms of ‘capital’ versus ‘labour’ and ‘formal sector’ versus ‘informal sector’ are inadequate and unhelpful. It begins by making conceptual distinctions between work and labour and between labour and labour power, and goes on to identify a globalizing class structure in which a ‘precariat’ is emerging as a potentially transformative new mass class. Denied so-called ‘labour rights’ and...