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

  • Frances Stewart (QEH)

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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Paper provided by Queen Elizabeth House, University of Oxford in its series QEH Working Papers with number qehwps136.

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Handle: RePEc:qeh:qehwps:qehwps136
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  1. Barr, Abigail & Fafchamps, Marcel & Owens, Trudy, 2005. "The governance of non-governmental organizations in Uganda," World Development, Elsevier, vol. 33(4), pages 657-679, April.
  2. Thorp, Rosemary & Stewart, Frances & Heyer, Amrik, 2005. "When and how far is group formation a route out of chronic poverty?," World Development, Elsevier, vol. 33(6), pages 907-920, June.
  3. Dean, J.M. & Desai, S. & Riedel, J., 1994. "Trade Policy Reform in Developing Countries since 1985," World Bank - Discussion Papers 267, World Bank.
  4. N. F. R. Crafts, 2000. "Globalization and Growth in the Twentieth Century," IMF Working Papers 00/44, International Monetary Fund.
  5. Heyer, Judith & Stewart, Frances & Thorp, Rosemary (ed.), 2002. "Group Behaviour and Development: Is the Market Destroying Cooperation?," OUP Catalogue, Oxford University Press, number 9780199256921.
  6. Boltho, Andrea & Toniolo, Gianni, 1999. "The Assessment: The Twentieth Century--Achievements, Failures, Lessons," Oxford Review of Economic Policy, Oxford University Press, vol. 15(4), pages 1-17, Winter.
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