Tag Archives: capitalism

How (Not) to Criticize Karl Polanyi

Once a relatively obscure Hungarian academic, Karl Polanyi has posthumously become one of the central figures in debates about globalization. This recent interest in his thought has occasioned an unsympathetic treatment by Jeremy Adelman in the Boston Review. Adelman, a … Continue reading

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The Invention of Capitalism: How a Self-Sufficient Peasantry was Whipped Into Industrial Wage Slaves

Our popular economic wisdom says that capitalism equals freedom and free societies, right? Well, if you ever suspected that the logic is full of shit, then I’d recommend checking a book called The Invention of Capitalism, written by an economic … Continue reading

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The Making of an Atlantic Ruling Class

This study investigates the process of capitalist class formation in the North Atlantic area in the period between the launch of Woodrow Wilson’s ‘Crusade for Democracy’ in 1917 and the world economic crisis of 1974-75. The crisis, from which capitalism … Continue reading

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Deregulation, austerity and the polarization of the labour markets

The apprehension of this political and social reality is decisive in the attempt to reformulate the economics curriculum in order to include a deep reflection on current labor challenges that could take into account the changing employment relationship.  Students must be … Continue reading

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The Methodology of Polanyi’s Great Transformation

Polanyi’s book on The Great Transformation provides an analysis of the emergence and significance of capitalist economic structures which differs radically from those currently universally taught in economic textbooks. This analysis is based on a methodological approach which is also … Continue reading

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The Rise and Fall of the Market Economy

The core economic functions of production and distribution of goods can be handled by many different methods. After the fall of communism, the market mechanism has become nearly universal. Conventional economic theories argue that this is natural, because it is … Continue reading

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Does Capitalism Have a Future?

The Great Recession has prompted a reassessment of the specific mode of capitalist accumulation that achieved dominance in the era of globalization. Yet just about all of this literature has focused on one of two issues: why things went wrong, … Continue reading

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Our Obsolete Market Mentality – Civilization Must Find a New Thought Pattern

Karl Polanyi: “The market mechanism moreover created the delusion of economic determinism as a general law for all human society.. To attempt to apply economic determinism to all human societies is little short of fantastic. Nothing is more obvious to … Continue reading

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The Power of Market Fundamentalism – Karl Polanyi’s Critique

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 … Continue reading

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The Specter of Secular Stagnation

A specter is haunting the treasuries and central banks of the West – the specter of secular stagnation. What if there is no sustainable recovery from the economic slump of 2008-2013?  What if the sources of economic growth have dried … Continue reading

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