Karl Polanyi, The Great Transformation and a new political economy

hose leafing through books on political economy, studying the theory and history of economics, 1944 is a pivotal year. Friedrich Hayek published his book The Road to Serfdom and John Maynard Keynes was in the midst of helping to establish the Bretton Woods system. Between the two of them, their economic theories and books helped shape the political and economic policies of the post-war period. However, in the wake of the 2008 financial crisis, there has been a call to find an alternative approach as neither Keynesian nor Hayekian solutions feel suitable for the post-crisis situation we find ourselves in.

There is another political economist whose work might offer a solution, or at least a different perspective. His name is Karl Polanyi (pictured below right) and his most famous work, The Great Transformation, was also published in 1944. The University of Warwick’s Professor Ben Clift, Professor Matthew Watson and Dr Christopher Holmes make the case for why George Osborne, Ed Balls, the members of the European Commission and you might all want to add the book to your reading lists.

via Karl Polanyi, The Great Transformation and a new political economy.

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