Britain under the Iron Lady

Geoffrey M. Hodgson ()

Chapter 5 in From Marx to Markets, 2025, pp 84-106 from Edward Elgar Publishing

Abstract: Chapter 5 begins with Geoffrey Hodgson's year at Bennington College in Vermont in the US. This was the institution where Karl Polanyi had finished his Great Transformation (1944). Published in 1981, Hodgson's Labour at the Crossroads supported the policies of Tony Benn. But Hodgson's support of markets and a mixed economy was unpopular with Benn and his followers. The left-leaning Labour Party suffered a big defeat in the 1983 general election. Hodgson became critical of Benn. With others, he actively supported the new leadership of Neil Kinnock. The Democratic Economy of 1984 consolidated Hodgson's break from Marxism and his promotion of a mixed economy with extensive worker participation. He coined the term impurity principle to encapsulate the mutual interdependence of state and markets. During the 1980s, he became familiar with institutional and evolutionary economics, and in 1988 he produced Economics and Institutions, his first highly cited monograph.

Keywords: Margaret Thatcher; Karl Polanyi; Tony Benn; Neil Kinnock; Mixed economy; Impurity principle (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035350094
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