Karl Polanyi and the Modernity-versus-Postmodernity Debate

The originality of Karl Polanyi's (1886-1964) work in the interwar period and his work in the 1950's has gained increasing recognition in recent years, during which time the major debate on modernity has erupted. In order to link Polanyi's work with this debate, the article first discusses his legacy on the controversial concept of progress and then relates his position to this debate. Polanyi's position combines the better aspects of the two rival approaches to modernity. The article then relinks Polanyi's thought to the intellectual figures, movements, and climate of his time and thereby discloses a curious affinity between his thought and the critical theory of the Frankfurt School. This affinity can best be understood within the parameters of the historical context that they once shared.