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The article reviews the book "The Great Transformation: The Political and Economic Origins of Our Time," by Karl Polayni.
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This text will not focus on The Great Transformation but will deal with previous and following writings from Karl Polanyi where his emphasis is on the constitutive elements that define us as social beings and as agents of social change.
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Typically when we think of street markets we think of chaotic places full of energy and vibrating with danger and opportunity. Traders or governments create markets to meet existing and emergent demands as well as the unintended consequences of other policy decisions. It is this institutional design, this governance, this regulatory process that provides access to the market and organizes the vending space therein. Public and private entities operating in fiscally constrained environments...
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Polanyi analyzes the historical deployment of a "formal" economic science starting from the triptych "market-rarety-instrumental rationality". It reveals this triptych, and the knowledge which is devoted to it, as being a part of a question broader than should analyze a "substantial" economic science being interested in the triptych "need-nature-institution". If we can and must follow Polanyi in his criticism of economism suited to the first triptytic, we have more reserve to accept his...
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Latin America is currently undergoing Karl Polanyi's "double movement" at full swing, as most governments of the region are currently experimenting with policies that defy the neoliberal orthodoxy that has been reigning there for almost three decades. One of such governments has been the center-left Concertación governments of Chile, which have been elected since the restoration of democracy in 1990. In addition to poverty alleviation programs, Concertación has been in an ongoing process...
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In this article, Polanyi's (1944) notion of society as constituted by three forms of economic integration (market exchange, reciprocity, and redistribution) is applied to entrepreneurship. In advanced capitalism, the market-exchange relationship is the dominant form of economic integration; secondary relationships of reciprocity and redistribution, however, co-exist alongside relations of market exchange. Following Polanyi (1944), this article introduces an "embedded market" approach to...
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This paper traces China's move towards a market economy in the mid-1980s, the near triumph of market forces in the 1990s, and the countermovement this engendered as inequalities between the rich and poor increased and social security networks collapsed. It focuses on the country's regional and healthcare policies to illustrate how it has dealt with issues of inequality and insecurity over time. The prevailing view now is that the market is necessary but it must be embedded in society. And...
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