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File Size: 703 KB
Print Length: 364 pages
Publisher: Beacon Press; 2 edition (March 28, 2001)
Publication Date: March 28, 2001
Sold by: Amazon Digital Services LLC
Language: English
ASIN: B004H3W3VU
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A review of Karl Polanyi’s The Great Transformation: the political and economic origins of our time, by Jerry WoolpyPolanyi writes about the industrialization of Europe leading to the collapse of civilization in the 19th century. The balance of powers failed to prevent a war between the great powers, the gold standard failed to maintain the world economies, the markets failed to self-regulate, and liberal states became internally conflicted. He traces the history of the practice of these four doctrines. I was particularly interested in the history of dealing with unemployment, wages, and poverty, which no country has been able to manage in ways that do not end up exploiting the least able and least enfranchised. Polanyi shows that when economies are controlled objectively, without due concern for the welfare of all, they end up favoring the wealthy and ignoring the poor. We have to recognize that economics is part of the social sciences that are invariably linked such that when we manipulate the economy we change the society. Ignoring this linkage violates the promise of freedom, which is the be-all of liberal democracy. This is a classic that seems to have been overlooked by too many of our modern leaders and their advisors.
Required reading for anyone trying to understand our current economic climate; explains brilliantly causss & consequences of the Great Recession -- from the rise of populism and Trump to the difficulties of the global financial architecture.
Polanyi posited that across human history, market system was only a functional part of a larger society, subjected to various constraints of social norms and morality (1971, 41-42, 49). Even the emergence of trade did not entail automatic emergence of market institutions (1971, 58-59). Historically, three principles of economic exchange included reciprocity, redistribution and household economy (1971, 47-53). Market economy, on the other hand, was controlled and regulated solely by market; productions were all priced for sale; and it refuted state and policy regulations in place of the price mechanism (1971, 68-69). Market economy’s requirement thus entailed a war on two fronts, market against man and nature, in order to commodify land and human beings into “land and labor†(1971, 71-73, 191-192), while in the process separating political from economic institutions (1971,75). In similar way, monetary exchange was also reformulated in gold standard system to maintain an “autonomous†international monetary regime (1971, 195-196, 198-200). Hence, market economy institutions and unified national economy were not “naturalâ€, but must be artificially engineered (1971, 65-67, 139).Polanyi went on to reconstruct the emergence of market economy. The emergence of “liberal creed†(1971, 135), according to Polanyi, abandoned Adam Smith’s concern of safety and security as well as national well-being in economy (1971, 111-112) and adopted a utilitarian, natural perspective towards market economy (1971, 113-116). A double movement, in which extension of market organization was accompanied by a series of restraining measures and policies on its effects, characterized the 19th century European social history and the Industrial Revolution (1971, 37-38, 76). For instance, while Speenhamland law devastated rural communities and created wide-spread pauperism in England (1971, 99-102), its replacement by 1834 Poor Law constituted a critical strategic step towards removal of social protection of peasants and commodification of labor in England (1971, 82-84,224-226), as destruction of non-contract social fabrics sunk individuals into the labor market for sale (1971, 163).On the other hand, society generated spontaneous reaction in the wake of destructive expansion of market (1971, 149-150). The Chartist movement, for example, demanded political protection, while Owenism represented a retreat to social network (1971, 169-173). Continental European countries, amid late arrival of Industrial Revolution, exhibited similar reactions (1971, 176-177). Where societies reacted, so did the states. Desperate to avoid being sidelined by market competition, European states shifted from free trade and lasseiz-faire to trade protectionism and struggle for overseas and exotic markets and raw material sources (1971, 211-215). The two sources “institutional sources of tension†thus included, domestically, the need to re-balance the transcendence of market economy by political means while political institutions were increasingly separated from international ones and, internationally, Imperialistic competition over markets and resources and support for national businesses while maintaining the international gold standard as the benchmark of international economy (1971, 217-218).For Polanyi, Socialism thus constituted a “natural†solution for checking the self-regulating market economy by restraining it with democratic politics, and it could be revolutionary/destructive amid national emergencies (1971, 233-235). On the other hand, Fascism was a de-generative solution in which democratic institutions were eliminated and individuals were ripped of social and political activism (1971, 237-239). The complex interaction of market’s turbulent expansion, social reaction, desperate international competition ultimately contributed to the meltdown of international political and economic system amid the two World Wars (1971, 18-23). By the end of World War II, in Polanyi’s time of writing, he posited that we must confront the consequences of market expansion and reaction, and look for alternative ways to preserve liberty in a “complex society†(1971, 258A-B).Polanyi was consciously in dialogue with Marx and a series of classical/new liberalists. Particularly, he critiqued Marxist attribution of class as fundamentally economically determined and class interests and positions as explanations of social processes. Instead, he proposed to study social processes in relation to class formation and class interest primarily as subjective desires and satisfactions (1971, 151-152). Moreover, while the specific term was absent, Polanyi referred to a process of financialization (in manners similar to that of Giovanni Arrighi) as the latest development of global capitalism. He paid much attention to the international banker’s class possessing financial resources that were vital to the international economy (1971, 14-15, 200). Yet Polanyi’s critiques of Marx appeared to contradict his own emphasis on importance of a single economic factor (that is, the market economy) as well as interests of particular classes in expanding market economy, as if he had replaced the mythical agency of “capital†in Marx with his own mythical agency of market (liberated and upheld by a particular social group). Also ambiguous was Polanyi’s simultaneous refutation of “liberal conspiracy†in the creation of market society and his emphasis on “blind faith†as well as desperation among societies in the friction between market expansion and social reaction (1971, 76, 84,151-152). Polanyi’s theory on crisis was similarly ambiguous, sometimes blaming the destructive nature of market forces while other times pointing to chaotic reaction from society and/or from political institutions. In the end, and apparently due to the inability to locate the nexus of crisis, Polanyi categorized socialism and Fascism as morally, religiously and intellectually distinct from liberalism, based on different principles but together constituted acceptance of finality of knowledge and questioning of values of freedom (1971, 258A). He appeared, in resistance of socialism and Fascism, to be hoping to restore the balance between socio-political constraints and market prosperity while preserving the hard-won individual liberties; but if he was unable to elaborate on the mechanisms of crisis, there is little possibility for him to articulate an action plan for this utopian notion.Referred WorkPolanyi, Karl, 1971 (1944). The Great Transformation: the Political and Economic Origins of Our Time. Boston, MA: Beacon.
Karl Polanyi's study and analysis of Capitalism definitively illustrates why "unregulated markets" HAVE AND WILL CONTINUE to collapse functioning capitalist systems! " UNREGULATED MARKETS" continue to be an anathema to human beings as a basic part of any social economic system.
Of course back then, he was calling it liberal economics. But this was well before Milton Freidman.This book is absolutely required reading if you{re interested in the fallacy of the free market, the role that international trade plays in creating homeless people, or the growth and decay of empires. Polyani is a precient polymath, and this is one of the greatest non fiction books the 20th Century.Absolutely required reading in governmental studies, economics, and history
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