What is it about?
This article re-evaluates a classic work in political economy – Karl Polanyi’s study of the "great transformation." It advances the argument for a large-scale incremental process of the renewed great transformation – the rise of the capital-state. The capital-state safeguards the market order under the auspices of neoliberal globalization. It legitimizes the process of intensive commodiﬁcation favouring the interests of capital over public ones.
Photo by Jon Tyson on Unsplash
Why is it important?
The article introduces the the novel capital-state index constructed for the OECD countries between 1980 and 2015. The data reveal uneven convergence of the OECD political economies. This bridges the gap between the neoliberal homogenization and varieties of capitalism approaches. According to the capital-state theory, neo-nationalism unfolds as a protective counter-movement against the erosion of old economic and social structures, creating another iteration of a Polanyian double-movement dynamic.
Read the Original
This page is a summary of: The rise of the capital-state: a new Polanyian moment, Globalizations, October 2020, Taylor & Francis, DOI: 10.1080/14747731.2020.1827850.
You can read the full text:
The following have contributed to this page