Karl Polanyi and Market Embeddedness
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- Опубликовано: 15 авг 2020
- A brief introduction to Karl Polanyi's concept of market embeddedness and its importance for understanding changes in the global political economy.
Check out the other videos in my political economy series at • International Politica... .
Very clear and well structured. Thank you hocam!
Thanks a ton!!!
This actually helped me a lot in substantiating an argument for a college paper
That was a brilliant explanation with good examples.
We (I) tend to forget that there was a First period of liberalisation.
Very well structured but simple explanation, thanks for saving my time
Happy to hear it. Thanks for watching!
At 3:00 Adam Smith noted this was the logical result of the division of labor in The Wealth.
Que bueno, excelente. Felicitaciones por este apretado resumen pero completa explicación sobre el aporte de Polanyi y la explicación del péndulo como figura metafórica de los cambios o crisis. Saludos desde Venezuela.
¡Gracias por ver! Me alegro de que te haya resultado útil el vídeo.
Karl is warning us not to place too much faith in the market economy.
Very interesting. Thank you!
Excellent and easy to follow explanation.
Glad it was helpful!
Superb video!
Thank you very much!
Great 👍 thank you 🙏🏻
Nicely explained
could you please elaborate on how the colonizers eradicated the non-contractual support systems in colonies? did they outright ban their use or render them ineffective because of outside factors like artifical food scarcity and hut taxes?
Thanks. Great explanation.
Following your invitation I have two questions:
1.- What are the economists criticism to Polanyi´s ideas?
2.-Related to the previous one, in your opinion why is it that Polanyi´s ideas are ignored by mainstream economics?
Thanks for the questions! Polanyi falls outside the economic mainstream (orthodox economic theory). Today, we view him as part of the heterodox economic theory. But because he falls outside the mainstream, he is often overlooked or ignored by mainstream economists. His work is also more analytical than predictive (he explains what happened rather than trying to forecast what might happen in the future). Hope that helps. Good luck in your studies!
@@NoahZerbe Wish I saw more of Polanyi's work spoken of. Thanks for the video
@@Plainlefty Happy you found it. Polanyi's work is so impressive. I agree that it's under-appreciated. Thanks for watching!
Main stream economists have no criticism worth discussing. They have nothing. The ones that try tend to complain Polanyi does not comply with the standard axioms of economics, which is true but because Polanyi believes those axioms to be shit. End of story.
I have some questions about the timeline explaining the double movement. Otto von Bismarck died 1898. Hitler came to power around 1933 - so from 1930-1945 Germany was mostly occupied by nationalistic Nazi powers. The first insurance by Bismarck was introduces in 1883. The concept itself still makes a lot of sense and I think it I well explained
May I ask some questions because it seems that no instructor explain as good as you. I m a freshman in this area. And I couldnt find your videos about them. So I hope its ok if I ask things in comments 😇I ll appreciate
1. I was reading Ellen Meiksin Woods “Opportunity to Imperative” But I didnt quite understand the point. Would you mind explaining the main point in simple terms?
2. Also can u explain what does ” commercialization model” means? (the term Ellen Meiksin Woods mentions) (I couldnt find much info in internet. )
3. Finally, if we compare, whats the difference between Karl Polanyi’s critique on commercialization model compared to Ellen Meiksin Woods critique ?
Thanks
Kindly make more videos on IPE
Thank you for this excellent summary of concept of embededness. Does the double movement describe same thing as Marx s class struggle? With Marx, the agent of change was the working class. Polanyi doesn't mention an agent of change. Or am I missing whole argument here?
Great question. Polyani has a broader conception in this respect than Marx does. While Marx focuses on class struggle, Polanyi leaves the door open a bit more widely. Certainly classes are likely to the be primary agent, but need not be the only agents of change.
I'm currently reading The Great Transformation. As Noah pointed out, Polanyi does not concentrate that much on one specific class like Marx does. For example, the re-embedding of the economy into society was driven by different forces (or classes), for example the working class (especially regarding social security laws like insurances, pensions etc.), but also the farmers and landlords (especially regarding protective tariffs on food to prevent foreign cheaper food destroying the food production in the home land).
So while Marx makes a really good analysis how the process of production works and how there are the interest differences between capitalists and workers, Polanyi looks more on how the society as a whole reacts to the development of "free" markets. For my understanding of the world, combining these two views did help me a lot.
Thank you very much🤗
My pleasure. Thanks for watching!
Bless u
Well explained video
Glad it was helpful! Thanks for watching.
Excellent
Thanks!
@NoahZerbe I think studying K. Polanyi and K. William Kapp together would serve young people very well these days. They're both accessible and historically illuminating (since they were all but buried in favor of orthodox liberal economics), as well as substantively important.
The children seem.so hardworking and tough in the photos surely they will do well in schools if they are transported to our time