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Large companies once offered workers lifetime security and generous benefits. Then they stopped, setting the stage for our populist moment.
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Capitalism is in crisis, again. Inequality, measured in wages, wealth distribution, employment, ‘affordable’ housing, has become the dominant framework for understanding the economy. Through this lens, people can extrapolate to the macroeconomic from their own individual experiences.
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The idea that authoritarianism attracts workers harmed by the free market, a theory that emerged when the Nazis were in power, has been making a comeback.
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Like the lifelong sinner who makes a deathbed conversion, it was always likely that supporters of neoliberal globalisation would rediscover ethics towards the end. Having devastated communities through indifference, and coercively imposed commercial priorities on to family life, the political “centre” now has to deal with anger, distrust and rejection on an unmanageable scale. In The Future of Capitalism, Paul Collier, a former chief economist at the World Bank, now professor at the Oxford...
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Polanyi gave us a vital counterpoint to the hegemony of political economics. But how far can he take us?
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Karl Polanyi knew the market couldn’t solve all ills. History is proving him correct.
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Karl Polanyi, The Great Transformation and a new political economy Professor Matthew Watson, Assistant Professor Christopher Holmes and Professor Ben Clift, Politics and International Studies Avert…
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The author argues that market liberalism should be stopped if the 21st century generation is to avoid the re-emergence of fascism and environmental collapse. The author calls on the political left to offer a different political economy to avoid the consequences of market liberalism and warns against economist Karl Polanyi's assertion that market liberalism always leads to the erosion of society's human and natural substance. He also discusses the reasons for the political turmoil in the U.S.
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Polanyi’s views were the exact opposite of his contemporary, Joseph Schumpeter, who famously defined democracy as giving people a choice over which elite group would rule over them.
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Are you a Bernie Sanders supporter? Chances are you'll like Karl Polanyi, too. An explainer.
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As the economy becomes more automated and digitized, patterns of employment will change dramatically, and social policy will need to evolve too. Instead of relying guaranteed jobs or income, write experts Nicolas Colin and Bruno Palier, governments should embrace the “flexicurity” at the heart of the Nordic model.
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Want to understand our market-crazed era? Rediscover the 20th century’s most prophetic critic of capitalism.
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It's a ripe moment to dust off "The Great Transformation" and its anthropological critique of "self-regulating markets."
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Let me start with a bit of wisdom I once picked up from Thomas Berry, a historian of cultures who has said, “The universe is the communion of subjects, not a collection of objects.” This epigraph encapsulates the monumental shift that I believe we are undergoing as we move into a new kind of cultural if not economic reality. This article was originally published in the Fall | Winter 2008 issue of Kosmos Journal. To download a PDF version of this article, please click here.
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"If we don't set out a stronger theoretical base for our work, if the movements we build are simply pragmatic & without a sound intellectual base, we will not succeed in changing hearts and minds." Pat Conaty
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Presents insights from the book 'The Great Transformation,' by Karl Polanyi. Concerns that the economic benefits of globalization override political and social costs; Polanyi's vision of democratic socialism not coordinated by central planners; Research into the origins of economic institutions.