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The Double Movement Ten Years After the Fall of Lehman Brothers

Resource type
Authors/contributors
Title
The Double Movement Ten Years After the Fall of Lehman Brothers
Abstract
Ten years after the collapse of Lehman Brothers and the sharpest moments of panic within the global—and particularly the United States banking system—a somewhat strange dynamic has appeared. While the principal agents behind the crisis have collapsed their own institutions, the markets that they dominated, and even provoked what has been called the third crisis of economic theory, their political power has not waned. This theme has been well addressed by some academics such as Philip Mirowski (2013), while it has flummoxed others. In this article, we will argue that Karl Polanyi's theory of the "double movement" offers a coherent framework that is able to account for the history of the last ten years. Polanyi argues that different groups and members of society seek protection from the market, and that this search for protection has been the driving force between historical change. Polanyi does not ignore class; rather, he argues that different social classes can protect themselves in more or less effective ways. We argue that during the last ten years, the interests of globalized financial capital have been able to protect themselves with utmost effectiveness, while all other classes have been trammeled, often not even recognizing how or why actions are taken against the general interest.
Publication
Journal of Economic Issues (Taylor & Francis Ltd)
Volume
53
Issue
2
Pages
502-507
Date
June 2019
Journal Abbr
Journal of Economic Issues (Taylor & Francis Ltd)
Language
English
ISSN
00213624
Accessed
2019-11-19, 4:18 p.m.
Library Catalog
EBSCOhost
Citation
Vidal, Gregorio, and Wesley C. Marshall. 2019. “The Double Movement Ten Years After the Fall of Lehman Brothers.” Journal of Economic Issues (Taylor & Francis Ltd) 53 (2): 502–7. DOI: https://doi.org/10.1080/00213624.2019.1594545.
Publication year
Keywords
  • capital market
  • double movement
  • financial crisis
  • financial markets
  • Lehman Brothers
  • securities
  • stock exchanges
  • stocks (finance)

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