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Do we need a new 'Great Transformation'? Is one likely?

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  • Frances Stewart (QEH)

Abstract

Karl Polanyi wrote 'The Great Transformation' in 1944 which analysed the double movement Europe experienced, from a situation where the market was heavily regulated and controlled in the 18th century to a virtually unregulated market in the 19th century; and the great Transformation in which the market was once more brought under control as a reaction to the poverty, unemployment and insecurity brought about by the unregulated market. Yet in both developed and developing countries there has since been a reaction with a new move towards the market. This paper analyses such processes in contemporary developing countries, and considers whether, in the light of the consequences of the unregulated market, a new 'Great Transformation' is needed. It also considers whether such a transformation is likely, reviewing moves towards increased regulation of the market, and also the constraints faced by any contemporary great transformation arising from globalisation and the nature of politics.

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  • Frances Stewart (QEH), "undated". "Do we need a new 'Great Transformation'? Is one likely?," QEH Working Papers qehwps136, Queen Elizabeth House, University of Oxford.
    • Handle: RePEc:qeh:qehwps:qehwps136
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    References listed on IDEAS

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    Cited by:

    1. Geoff Goodwin, 2018. "Rethinking the Double Movement: Expanding the Frontiers of Polanyian Analysis in the Global South," Development and Change, International Institute of Social Studies, vol. 49(5), pages 1268-1290, September.
    2. Geoff Goodwin, 2022. "Double Movements and Disembedded Economies: A Response to Richard Sandbrook," Development and Change, International Institute of Social Studies, vol. 53(3), pages 676-702, May.
    3. Goodwin, Geoff, 2022. "Double movements and disembedded economies: a response to Richard Sandbrook," LSE Research Online Documents on Economics 113686, London School of Economics and Political Science, LSE Library.
    4. Goodwin, Geoff, 2018. "Rethinking the double movement: expanding the frontiers of Polanyian analysis in the Global South," LSE Research Online Documents on Economics 87253, London School of Economics and Political Science, LSE Library.

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