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Karl Polanyi (1886–1964) returned to public discourse in the 1990s, when the Soviet Union imploded and globalization erupted. Best known for The Great Transformation, Polanyi’s wide-ranging thought anticipated twenty-first-century civilizational challenges of ecological collapse, social disintegration and international conflict, and warned that the unbridled domination of market capitalism would engender nationalist protective counter-movements. In Karl Polanyi and Twenty-First-Century Capitalism, Radhika Desai and Kari Polanyi Levitt bring together prominent and new thinkers in the field to extend the boundaries of our understanding of Polanyi's life and work. Kari Polanyi Levitt's opening essay situates Polanyi in the past century shaped by Keynes and Hayek, and explores how and why his ideas may shape the twenty-first century. Her analysis of his Bennington Lectures, which pre-dated and anticipated The Great Transformation, demonstrates how Central European his thought and chief concerns were. The next several contributions clarify, for the first time in Polanyi scholarship, the meaning of money as a fictitious commodity. Other contributions resolve difficulties in understanding the building blocks of Polanyi's thought: fictitious commodities, the double movement, the United States' exceptional development, the reality of society and socialism as freedom in a complex society. The volume culminates in explorations of how Polanyi has influenced, and can be used to develop, ideas in a number of fields, whether income inequality, world-systems theory or comparative political economy. Contributors: Fred Block, Michael Brie, Radhika Desai, Michael Hudson, Hannes Lacher, Kari Polanyi Levitt, Chikako Nakayama, Jamie Peck, Abraham Rotstein, Margaret Somers, Claus Thomasberger, Oscar Ugarteche Galarza.

Oscar Ugarteche Galarza

ACADEMIA Theories, opinions, human resources International Financial Press 5.3.  Power structure of the embedded financial banking complex 118 DESAI 9781526127884 PRINT.indd 118 12/06/2020 09:16 Embeddedness and the financial system Table 5.5  Value added structure of the US financial banking complex, 2004–10 % GD 2004 2005 2006 2007 2008 2009 2010 Total banks, stocks, insurance, funds, real estate, rentals and financial leasing Profits/GDP Salaries/GDP Taxes/GDP 100 100 100 100 100 100 100 79.77 14.99 5.24 80.23 14.79 4.98 80.04 14.91 5.06 80

in Karl Polanyi and twenty-first-century capitalism
Abstract only
Aeron Davis

encouraging demand for shares. If that isn't via direct contact, it is through the financial press and analyst communities. CEOs, as well as being despatched on sales missions to the City, are now also media trained and shunted towards financial journalists. Tony Golding, a former economist, analyst and investment banker, had a wide-angle view of how London's financial sector operated. Upon retiring, he wrote a book on the inner workings of the City. Its subtitle was ‘Inside the great expectations machine’, 9 which sums things up perfectly. He

in Reckless opportunists
Aeron Davis

: New Financial. 7 See report by the Social Mobility Commission (2016) Socio-Economic Diversity in Life Sciences and Investment Banking , London: Social Mobility Commission. 8 For a fascinating account of how financial and economic news came to be captured by City and business elites, see Wayne Parsons (1989) The Power of the Financial Press: Journalism and Economic Opinion in Britain and America , London: Edward Elgar. 9 See study by Aeron Davis (2009) ‘Journalist-Source Relations

in Reckless opportunists
Abstract only
Susan Strange

ones. It is an open question whether that tide is about to turn, or not. Some scenarios The one most generally feared is the crash of 1999, 2000, or even 2003. It has been a theme of scare thrillers for at least twenty years. Paul Erdman’s The Crash of’ 79 was the first but by no means the last. And by late 1997, even quite sober commentators in the financial press, reflecting on the financial typhoon that hit Asian markets that year, were starting to hedge their bets and to say that though the crash might not happen, it could happen. What exactly did they have in

in Mad Money
Abstract only
Susan Strange

only the cost that is at issue. It is the opinion of some e­ xperienced observers in business, and the financial press, that these overgrown futures markets themselves add to instability. Nicholas Colchester, for example, has commented: Today’s instant information, instant transaction markets behave like mechanical systems devoid of friction or of damping. In each market large weights (speculative capital) are linked by weak springs (the fundamentals of supply and demand) and the whole shuddering blancmange is subjected to the impact of unfolding events. (Colchester

in Casino Capitalism
George Ross

conceive of little else to do when things go very wrong. Even hard-line liberal organs in the financial press now worry aloud about the consequences of these growth-killing, harsh austerity policies on future social cohesion. Some commentators even read the situation as bringing a fundamental break in the social contracts of wealthy societies. Wolfgang Streeck (2011), for example, has argued that this crisis is not simply the product of an out-of-control global financial sector, but also represents the collapse of the most recent post-war reformulation of the unstable

in European social democracy during the global economic crisis
Sam King

decision of the Basel Committee on Banking Supervision, tasked with responding to the global ‘financial’ crisis, recommended no punitive new regulation of the large banks. This was greeted with only muted discussion in the financial press and certainly none of the heat that could be expected from capitalists having their ‘lifeblood’ squeezed. 85 Showing

in Imperialism and the development myth
Open Access (free)
War, Debt, and Colonial Power
Tim Di Muzio
and
Richard H. Robbins

financial press lionized him. But if things were returning to “normal” in the United States, the Volcker Shocks had served to inflate the debt of virtually every developing country—countries that often had to take new loans just to service mounting interest payments (George 1988; Hall 1988: 12). Usury used to be applied at the level of the individual, but it was now being applied at the level of entire populations as a permanent technology of imperial power. From the perspective of capital as power, interest is a weapon of redistribution, pure and simple, and the “debt

in Debt as Power
Abstract only
Susan Strange

and other east Asian countries two and a half years later. The bottom-line question in both cases for many observers was whether either crisis threatened the stability of the global financial system or jeopardised the prosperity of its core countries. For most of the winter of 1997/8, the financial press and the academic pundits worried away at the question, like a dog with a bone. As on other questions, there was no consensus. Some argued that although Japan, as the major exporter to and investor in east Asia, might suffer, America and Europe would feel an

in Mad Money