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After considering different possible elements of the ‘Trump era,’ I will turn to The Great Transformation to periodize capitalism into three waves of marketization and their counter-movements. In the first wave, we follow the commodification of land, money and especially labor, so-called fictitious commodities, and the local counter-movements marketization inspired, reaching to the level of the state. In the second wave, the focus turns on the way marketization generated a reaction from...
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Karl Polanyi war in jungen Jahren Zeitzeuge der vielschichtigen ökonomischen, sozialen und politischen Umwälzungen in der österreichisch-ungarischen Donaumonarchie. 1886 in Wien geboren, wuchs er in Budapest auf, wo er Rechtswissenschaft und Philosophie studierte, um dann nach der Zerschlagung der ungarischen Räterepublik nach Wien zurückzukehren. Dort schrieb er für die wirtschaftspolitische Wochenzeitschrift „Österreichischer Volkswirt“.
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For Karl Polanyi, the economic system cannot be analyzed in isolation from social institutions. The economicism fallacy neglects social variables that are fundamental for determining economic action and systemic transformations. This implies that the rise of the self-regulated market system and its dominance over social institutions are not a natural movement when analyzed in the light of the entire history of human societies. For the author, what happened was a kind of uprooting of the...
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Capitalism is a social relation that cannot be reduced to the characteristics associated with it - markets, private property, profit and profit orientation. This relation can be shaped in different ways. The article refers to Karl Polanyi’s idea of the ›always embedded market economy‹ in order to develop basic characteristics of an example of post-capitalist economic ethics. Alternate abstract: Der Kapitalismus ist ein soziales Verhältnis, das sich nicht auf die mit ihm in Verbindung...
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We examine parallels and differences in the analyses of societal transition by Karl Polanyi and Joseph A. Schumpeter. We argue that although their understanding of historical processes differs - transformational-political vs. evolutionary-natural - the central mechanism of change they describe is the same. We identify three spheres essential to both authors' works: the economic, the political and the socio-cultural sphere. Polanyi and Schumpeter describe an expansion of the economic sphere...
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This application of Polanyi to the question of fascism’s resurgence provides an important corrective to mainstream liberal explanations (e.g., Albright 2018), inviting the reader to “look up rather than down” (Lim 2021) by tying fascism’s significance to the functioning of the capitalist system rather than to the personalities of fascist politicians or their degree of mass support. The merits of this notwithstanding, I argue that current Polanyian treatments have neglected to engage with a...
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The article deals with the first stage of the market economic system - the traditional market economy. The traditional market economy is considered in the assessment of its main researchers. The main goal of the study is to identify the main characteristics and features of the traditional economy, which would explain the absence of pronounced cyclical elements in it. It is assumed that several essential elements of such an economy carry the strongest countercyclical potential. The article...
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