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The Power of Ideas: Keynes, Hayek, and Polanyi

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  • Kari Polanyi-Levitt

Abstract

The history of intellectual movements during the twentieth century suggests that ideas can play a transformative role in society. John Maynard Keynes's revolutionary ideas formed the basis of the postwar institutional structure but only after the political and economic conditions permitted it. Hayekian neoliberalism took hold only after the 1970s with the rise of globalization and financialization and with the progressive erosion of democracy. Karl Polanyi's vision advises that financialization/globalization has created problems that go beyond the debate over stimulus versus austerity and raises questions about the viability of a universal market economy.

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  • Kari Polanyi-Levitt, 2012. "The Power of Ideas: Keynes, Hayek, and Polanyi," International Journal of Political Economy, Taylor & Francis Journals, vol. 41(4), pages 5-15.
  • Handle: RePEc:mes:ijpoec:v:41:y:2012:i:4:p:5-15
    DOI: 10.2753/IJP0891-1916410401
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    Cited by:

    1. Tomas Casas-Klett & Jiatao Li, 2022. "Assessing the Belt and Road Initiative as a narrative: Implications for institutional change and international firm strategy," Asia Pacific Journal of Management, Springer, vol. 39(3), pages 857-873, September.
    2. Daniyal Khan, 2021. "The Twin Endogeneities Hypothesis: A Theory of Central Bank Evolution," Working Papers 2102, New School for Social Research, Department of Economics.
    3. Theresa Hager & Ines Heck & Johanna Rath, 2021. "Competition in Transitional Processes: Polanyi and Schumpeter," ICAE Working Papers 128, Johannes Kepler University, Institute for Comprehensive Analysis of the Economy.

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