A Neo-Polanyian Theory of Economic Crises

Fred Block

American Journal of Economics and Sociology, 2015, vol. 74, issue 2, 361-378

Abstract: This article seeks to use Karl Polanyi's book, The Great Transformation, first published in 1944, to understand the global financial crisis that began in 2008. Polanyi's basic premise was that a great crisis must result from powerful causes. He argued that the crisis of the 1930s was a consequence of three distinct processes: deep imbalances in the global trading system, a crisis within the global financial mechanism that was supposed to manage those imbalances, and a failure of adaptation in the world's leading economy, the United States. The same processes can be seen at work in the last decade.

Date: 2015
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