Polanyi and Schumpeter: Transitional processes via societal spheres

Theresa Hager, Ines Heck and Johanna Rath

The European Journal of the History of Economic Thought, 2022, vol. 29, issue 6, 1089-1110

Abstract: We examine parallels and differences, intersections and complementarities in the notions of societal transition by Karl Polanyi and Joseph A. Schumpeter. Considering their intellectual heritage, methodology and scope, we propose a three-sphere framework to analyse their theories and study the interdependencies within capitalism. The three spheres essential to both thinkers are the political, the socio-cultural and the economic: the latter dominates the others in capitalist societies. The resulting rationalisation (Schumpeter) and commodification (Polanyi) distort the socio-cultural sphere and transcend towards the political sphere which undermines democracy. Applying our framework, we identify similar transitional mechanisms but derive different implications for society.

Date: 2022
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DOI: 10.1080/09672567.2022.2131865

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