The Slight Transformation: Contesting the Legacy of Karl Polanyi

Hannes Lacher

Chapter 3 in Reading Karl Polanyi for the Twenty-First Century, 2007, pp 49-64 from Palgrave Macmillan

Abstract: Abstract The postwar reconstruction of domestic and international orders ushered in a new political economy of capitalism. It entailed a far-reaching reorganization of social relations and economic institutions and accorded to the state an important role in the management of the economy. Many of the institutions of classical liberalism were displaced by interventionist mechanisms. The welfare state consolidated and extended multifarious forms of protection accorded to labor. A new level of labor-market regulation and public provisioning transformed the conditions under which people worked and lived, leading to higher incomes for large groups of society, and creating a higher degree of security for them both in the workplace and beyond. International institutions were created to facilitate the regulatory functions that these welfare states had assumed, supported by a conducive exchange-rate regime and restrictions on capital mobility.

Keywords: Welfare State; Market System; Capital Mobility; Postwar Period; Market Society (search for similar items in EconPapers)
Date: 2007
References: Add references at CitEc
Citations: View citations in EconPapers (1)

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-60718-7_4

Ordering information: This item can be ordered from
http://www.palgrave.com/9780230607187

DOI: 10.1057/9780230607187_4

Access Statistics for this chapter

More chapters in Palgrave Macmillan Books from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().