Polanyi and Foucault on the Issue of Market in Classical Political Economy

Danielle Guizzo and Iara Vigo de Lima

Review of Radical Political Economics, 2017, vol. 49, issue 1, 100-113

Abstract: Studies have pointed out that the value of markets is related to their impact on the character of a society. Karl Polanyi’s thesis about social disembeddedness attributed to 19 th century economic liberalism the responsibility for consolidating the process of separating markets from society, which changed the dynamics between the state and population when economic rationality began dictating their connections. However, Polanyi only suggested analyses regarding power relations between these three elements and their effects on the social context. This paper argues that Michel Foucault’s writings concerning technologies of power and biopolitics complement Polanyi’s considerations insofar as they provide an understanding about how biopolitics emerged and how this led to a new posture of the state regarding population care and economic environment regulation.

Keywords: Karl Polanyi; embeddedness; classical economic liberalism; Michel Foucault; biopolitics (search for similar items in EconPapers)
JEL-codes: A14 B12 B50 (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:sae:reorpe:v:49:y:2017:i:1:p:100-113

DOI: 10.1177/0486613415621745

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