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Karl Polanyi's belief that the greatest threat to freedom was a poorly administered economy led him to an economics that was more existential and human-centered. Part I of this book develops Polanyi's thinking for its significance today through a selection of papers on re-reading his major work entitled "The Great Transformation," Part II looks at the life and work of Ilona Duczynska (Polanyi's wife), political activist, writer and translator and important influence over Karl and his work. Kenneth McRobbie, a poet and historian who teaches at the University of British Columbia, is the editor of "Humanity, Society and Commitment," Kari Polanyi Levitt, emeritus professor at McGill University, is the editor of "The Life and Work of Karl Polanyi,"
Karl Polanyi (1886–1964) was one of the twentieth century's most original interpreters of the market economy. His penetrating analysis of globalization's disruptions and the Great Depression's underlying causes still serves as an effective counterargument to free market fundamentalism. This biography shows how the major personal and historical events of his life transformed him from a bourgeois radical into a Christian socialist but also informed his ambivalent stance on social democracy, communism, the New Deal, and the shifting intellectual scene of postwar America. The book begins with Polanyi's childhood in the Habsburg Empire and his involvement with the Great War and Hungary's postwar revolution. It connects Polanyi's idealistic radicalism to the political promise and intellectual ferment of Red Vienna and the horror of fascism. The narrative revisits Polanyi's oeuvre in English, German, and Hungarian, includes exhaustive research in five archives, and features interviews with Polanyi's daughter, students, and colleagues, clarifying the contradictory aspects of the thinker's work. These personal accounts also shed light on Polanyi's connections to scholars, Christians, atheists, journalists, hot and cold warriors, and socialists of all stripes. Karl Polanyi: A Life on the Left engages with Polanyi's biography as a reflection and condensation of extraordinary times. It highlights the historical ruptures, tensions, and upheavals that the thinker sought to capture and comprehend and, in telling his story, engages with the intellectual and political history of a turbulent epoch.
What is it about free-market ideas that give them tenacious staying power in the face of such manifest failures as persistent unemployment, widening inequality, and the severe financial crises that have stressed Western economies over the past forty years? Fred Block and Margaret Somers extend the work of the great political economist Karl Polanyi to explain why these ideas have revived from disrepute in the wake of the Great Depression and World War II, to become the dominant economic ideology of our time. Polanyi contends that the free market championed by market liberals never actually existed. While markets are essential to enable individual choice, they cannot be self-regulating because they require ongoing state action. Furthermore, they cannot by themselves provide such necessities of social existence as education, health care, social and personal security, and the right to earn a livelihood. When these public goods are subjected to market principles, social life is threatened and major crises ensue. Despite these theoretical flaws, market principles are powerfully seductive because they promise to diminish the role of politics in civic and social life. Because politics entails coercion and unsatisfying compromises among groups with deep conflicts, the wish to narrow its scope is understandable. But like Marx's theory that communism will lead to a "withering away of the State," the ideology that free markets can replace government is just as utopian and dangerous.
Karl Polanyi’s The Great Transformation is generally acclaimed as being among the most influential works of economic history in the twentieth century, and remains as vital in the current historical conjuncture as it was in his own. In its critique of nineteenth-century ‘market fundamentalism’ it reads as a warning to our own neoliberal age, and is widely touted as a prophetic guidebook for those who aspire to understand the causes and dynamics of global economic turbulence at the end of the 2000s. Karl Polanyi: The Limits of the Market is the first comprehensive introduction to Polanyi’s ideas and legacy. It assesses not only the texts for which he is famous – prepared during his spells in American academia – but also his journalistic articles written in his first exile in Vienna, and lectures and pamphlets from his second exile, in Britain. It provides a detailed critical analysis of The Great Transformation, but also surveys Polanyi’s seminal writings in economic anthropology, the economic history of ancient and archaic societies, and political and economic theory. Its primary source base includes interviews with Polanyi’s daughter, Kari Polanyi-Levitt, as well as the entire compass of his own published and unpublished writings in English and German. This engaging and accessible introduction to Polanyi’s thinking will appeal to students and scholars across the social sciences, providing a refreshing perspective on the roots of our current economic crisis.
Karl Polanyi’s “substantivist” critique of market society has found new popularity in the era of neoliberal globalization. The author reclaims this polymath for contemporary anthropology, especially economic anthropology, in the context of Central Europe, where Polanyi (1886–1964) grew up. The Polanyian approach illuminates both the communist era, in particular the “market socialist” economy which evolved under János Kádár in Hungary, as well as the post-communist transformations of property relations, civil society and ethno-national identities throughout the region. Hann’s analyses are based primarily on his own ethnographic investigations in Hungary and South-East Poland. They are pertinent to the rise of neo-nationalism in those countries, which is theorized as a malign countermovement to the domination of the market. At another level, Hann’s adaptation of Polanyi’s social philosophy points beyond current political turbulence to an original concept of “social Eurasia”.
'One of the most powerful books in the social sciences ever written. ... A must-read' Thomas Piketty 'The twentieth century's most prophetic critic of capitalism' Prospect Karl Polanyi's landmark 1944 work is one of the earliest and most powerful critiques of unregulated markets. Tracing the history of capitalism from the great transformation of the industrial revolution onwards, he shows that there has been nothing 'natural' about the market state. Instead of reducing human relations and our environment to mere commodities, the economy must always be embedded in civil society. Describing the 'avalanche of social dislocation' of his time, Polanyi's hugely influential work is a passionate call to protect our common humanity. 'Polanyi's vision for an alternative economy re-embedded in politics and social relations offers a refreshing alternative' Guardian 'Polanyi exposes the myth of the free market' Joseph Stiglitz With a new introduction by Gareth Dale
Four years into the unfolding of the most serious crisis since the 1930s, Karl Polanyi's prediction of the fateful consequences of unleashing the destructive power of unregulated market capitalism on peoples, nations, and the natural environment has assumed new urgency and relevance. Polanyi's insistence that 'the self-regulating market' must be made subordinate to democracy, otherwise society itself may be put at risk, is as true today as it was when Polanyi wrote. Written from the unique perspective of his daughter, From the Great Transformation to the Great Financialization is an essential contribution to our understanding of the evolution and contemporary significance of Karl Polanyi's work, and should be read against the background of the accelerating accumulation of global finance that created a series of financial crises in Latin America, Russia, Asia, and, eventually, the heartlands of capitalism itself.
A fresh look at how three important twentieth-century British thinkers viewed capitalism through a moral rather than material lens What’s wrong with capitalism? Answers to that question today focus on material inequality. Led by economists and conducted in utilitarian terms, the critique of capitalism in the twenty-first century is primarily concerned with disparities in income and wealth. It was not always so. The Moral Economists reconstructs another critical tradition, developed across the twentieth century in Britain, in which material deprivation was less important than moral or spiritual desolation. Tim Rogan focuses on three of the twentieth century’s most influential critics of capitalism—R. H. Tawney, Karl Polanyi, and E. P. Thompson. Making arguments about the relationships between economics and ethics in modernity, their works commanded wide readerships, shaped research agendas, and influenced public opinion. Rejecting the social philosophy of laissez-faire but fearing authoritarianism, these writers sought out forms of social solidarity closer than individualism admitted but freer than collectivism allowed. They discovered such solidarities while teaching economics, history, and literature to workers in the north of England and elsewhere. They wrote histories of capitalism to make these solidarities articulate. They used makeshift languages of “tradition” and “custom” to describe them until Thompson patented the idea of the “moral economy.” Their program began as a way of theorizing everything economics left out, but in challenging utilitarian orthodoxy in economics from the outside, they anticipated the work of later innovators inside economics. Examining the moral cornerstones of a twentieth-century critique of capitalism, The Moral Economists explains why this critique fell into disuse, and how it might be reformulated for the twenty-first century.