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A Neo-Polanyian Theory of Economic Crises

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  • Fred Block

Abstract

This article seeks to use Karl Polanyi's book, The Great Transformation, first published in 1944, to understand the global financial crisis that began in 2008. Polanyi's basic premise was that a great crisis must result from powerful causes. He argued that the crisis of the 1930s was a consequence of three distinct processes: deep imbalances in the global trading system, a crisis within the global financial mechanism that was supposed to manage those imbalances, and a failure of adaptation in the world's leading economy, the United States. The same processes can be seen at work in the last decade.

Suggested Citation

  • Fred Block, 2015. "A Neo-Polanyian Theory of Economic Crises," American Journal of Economics and Sociology, Wiley Blackwell, vol. 74(2), pages 361-378, March.
    • Handle: RePEc:bla:ajecsc:v:74:y:2015:i:2:p:361-378
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    References listed on IDEAS

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    1. Ruggie, John Gerard, 1982. "International regimes, transactions, and change: embedded liberalism in the postwar economic order," International Organization, Cambridge University Press, vol. 36(2), pages 379-415, April.
    2. Jesus Hernandez, 2009. "Redlining Revisited: Mortgage Lending Patterns in Sacramento 1930–2004," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 33(2), pages 291-313, June.
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