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Revisiting Polanyi’s Challenge: North and the Limits of the New Institutionalism

In: The New Institutionalist Economic History of Douglass C. North

Author

Listed:
  • Matthijs Krul

    (Max Planck Institute for Social Anthropology)

Abstract

The posthumous exchange of ideas between Karl Polanyi and Douglass North is at the heart of this discussion of North’s work. Where in previous chapters Krul has shown the effects that ‘Polanyi’s challenge’ had on the trajectory of North’s theoretical development, here Krul revisits Polanyi’s critique of economics to assess to what extent North successfully answered that challenge. The answer is negative. As Krul argues, while North’s work is often brilliant and extends New Institutionalist ideas to hitherto unforeseen new directions, it also keenly shows the limits of what New Institutionalism can accomplish. The flaws in North’s work are not contingent, but follow from New Institutional Economics’ core: its status as a theory ‘between’ neoclassical economics and the other social sciences.

Suggested Citation

  • Matthijs Krul, 2018. "Revisiting Polanyi’s Challenge: North and the Limits of the New Institutionalism," Palgrave Studies in the History of Economic Thought, in: The New Institutionalist Economic History of Douglass C. North, chapter 7, pages 221-243, Palgrave Macmillan.
    • Handle: RePEc:pal:pshchp:978-3-319-94084-7_7
    DOI: 10.1007/978-3-319-94084-7_7
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