ECONOMIC CRISIS AND POLANYI’S DOUBLE MOVEMENT
Abstract
As experts discuss the causes and results of the 2008 financial crisis and ensuing Great Recession, economists of various strands, led mainly by Keynesians, are slowly beginning to question the supposed wisdom of unfettered markets. Since Keynesian-liberal disputes revolve around the symptoms of the crisis, rather than the historical and structural features of market economies, we consider a fresh approach about Polanyi’s ideas on market, and his concept of double movement in regards to the effects of neo-liberalism on societies, as a timely intervention to these debates.References
Fama, E. (2009, January). Bailouts and stimulus plans. In Fama/French Forum (Vol. 13).
Gilpin, R. (1987). Global Political Economy of International Relations Princeton, New Jersey: Princeton University Press.
Gilpin, R. (2001). Global Political Economy: Understanding the International Economic Order Princeton: Princeton University Press.
Jones, P. (2013). Falling Rate of Profit explains falling U.S. Growth http://thenextrecession.files.wordpress.com/ 2013/12/jones-the-falling-rate-of-profit-explains-falling-us-growth-v2.pdf (Accessed on 15 May 2015).
Keynes, J. M. (2006). General theory of employment, interest and money. Atlantic Publishers & Dist.
Krugman, P. (2009). Revenge of the Glut, http://www.nytimes.com/2009/03/02/opinion/02krugman.html (Accessed on 15 May 2015).
Krugman, P. (2013). Secular Stagnation, coal Mines, Bubbles and Larry Summers, http://krugman.blogs. nytimes.com/2013/11/16/secular-stagnation-coalmines-bubbles-and-larry-summers/ (Accessed on 15 May 2015).
Lang, W. W., & Jagtiani, J. A. (2010). The mortgage and financial crises: The role of credit risk management and corporate governance. Atlantic Economic Journal, 38(3), 295-316.
Mulligan, C. B., & Philipson, T. J. (2000). Merit motives and government intervention: public finance in reverse (No. w7698). National Bureau of Economic Research.
Polanyi, K. (1944). The Great Transformation: the political and economic origins of our time, Boston: Beacon Press.
Pritchett, L, (1996). “Forget Convergence: Divergence Past, Present, and Future,” Finance and Development June, p.40.
Reinhart, C. M., & Rogoff, K. S. (2010). Growth in a Time of Debt (No. w15639).National Bureau of Economic Research.
Roberts, M. (2014). Reviewing Piketty (again) http://thenextrecession.wordpress.com/2014/04/28/reviewing-piketty-again/ (Accessed on 15 May 2015).
Spero, J. E & Hart J. A. (1997). “Trade and Development Strategies,” in The Politics of International Economic Relations, 5th ed. New York: St. Martin’s Press.
Stiglitz, J. E. (2011). The financial crisis of 2007-2008 and its macroeconomic consequences. http://www.neweconomics.org/blog/entry/mythbusters-excessive-government-borrowing-got-us-into-this-mess (Accessed on 15 May 2015).
Copyright information
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License (Creative Commons Attribution License 3.0 - CC BY 3.0) that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).
info@iseic.cz, www.iseic.cz, ojs.journals.cz