Polanyis double movement and the making of the knowledge economy

Antonino Palumbo and Alan Scott

Chapter 19 in Capitalism in Transformation, 2019, pp 274-288 from Edward Elgar Publishing

Abstract: This chapter offers a close reading of The Great Transformation that emphasizes the recursive nature of the double movement and which, the authors argue, is consistent with the logic of Polanyi’s own account of British nineteenth-century history. Rather than create a settled state - embedded liberalism - protectionist countermovements induce further disruptive strains. The resultant crisis then instigates a new pro-market coalition that takes the crisis as an opportunity to commodify further areas of human activity. In the wake of the global financial crisis, knowledge is the most likely candidate to follow land, labour and money as the fourth fictitious commodity. In this context, a drive towards digital Taylorism is couched in terms of the imperatives of the “knowledge economy†. The welfare settlement created a commons beyond commerce and outside lines of direct state control, which has now become ripe both for commodification by the market and greater political control.

Keywords: Economics and Finance; Politics and Public Policy Social Policy and Sociology (search for similar items in EconPapers)
Date: 2019
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