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Elements, origins and future of Great Transformations: Eastern Europe and global capitalism

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  • Hubert Gabrisch

Abstract

This essay analyses the relationship of two ‘Great Transformations’: the first from socialism to capitalism, more specifically in Eastern Europe in the 1990s, and the second from regulated to unregulated capitalism in the global economy since the 1980s, with respect to their common origins, elements and social results. Applying Karl Polanyi’s double-movement concept, it is concluded that these two, in essence neoliberal, transformations have led to societies being deeply divided economically, socially and culturally. Moreover, the self-protection of transformation losers is generating adverse political outcomes on a global scale. For both reasons, the outcomes of neoliberal transformations are jeopardising also the viability of the European Union, which was initially built on the basis of a regulated capitalism. The future of the global economy and also of the European Union depends on how the conflicts between the deepening of unregulated globalisation, national sovereignty and democratic politics can be solved. JEL Codes: B25, B52, P17

Suggested Citation

  • Hubert Gabrisch, 2020. "Elements, origins and future of Great Transformations: Eastern Europe and global capitalism," The Economic and Labour Relations Review, , vol. 31(2), pages 172-190, June.
    • Handle: RePEc:sae:ecolab:v:31:y:2020:i:2:p:172-190
    DOI: 10.1177/1035304620911123
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    References listed on IDEAS

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    5. Asad Zaman, 2016. "The Methodology of Polanyi's Great Transformation," Economic Thought, World Economics Association, vol. 5(1), pages 1-44, March.
    6. Jens Hölscher & Peter Howard-Jones, 2021. "Brexit: The Lure of the Neoliberal Thought Collective," Studies in Economic Transition, in: Wladimir Andreff (ed.), Comparative Economic Studies in Europe, edition 1, pages 171-189, Palgrave Macmillan.
    7. Danielle Guizzo, 2019. "Discursive Strategies In The Keynes-Hayek Debate: Building A Liberal Critique," Contributions to Political Economy, Cambridge Political Economy Society, vol. 38(1), pages 12-30.
    8. Kenneth J. Arrow, 2000. "Economic Transition: Speed and Scope," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 156(1), pages 1-9, March.
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    Cited by:

    1. Piotr Żuk & Jan Toporowski, 2020. "Capitalism after communism: The triumph of neoliberalism, nationalist reaction and waiting for the leftist wave," The Economic and Labour Relations Review, , vol. 31(2), pages 158-171, June.
    2. Hubert Gabrisch, 2023. "In The Maelstrom Of Crises: The European Union And The ‘Zeitenwende’," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 68(236), pages 7-27, January –.
    3. Michael Quinlan, 2020. "Five challenges to humanity: Learning from pattern/repeat failures in past disasters?," The Economic and Labour Relations Review, , vol. 31(3), pages 444-466, September.

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    More about this item

    Keywords

    Eastern Europe; global capitalism; Great Transformation; Karl Polanyi; neoliberalism;
    All these keywords.

    JEL classification:

    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • P17 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Performance and Prospects

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