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Research . 2019
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Karl Polanyi and economics: Polanyi's pendulum in economic science

Authors: Kretschmer, Mark;

Karl Polanyi and economics: Polanyi's pendulum in economic science

Abstract

Since the crisis of 2008 the liberal market order has been challenged by several (populist) social movements and has become object of political regulation. Whereas in the late 70s and early 80s politics tend to deregulate the market, nowadays deregulation seem to be a synonym for the negative externalities of a free global market. Following Polanyi (The Great Transformation, 1944), societies with market market economies tend to experience a double movement - the Polanyi's Pendulum - between phases in which the policies are designed to restrict the markets or liberalize them. This paper raises the question if these indicated changes have an impact on the economic research topics. Referring to modern Varieties-of-Capitalism literature bibliometric data of the period between 1950 and 2015 are used to analyze if there is a Polanyi's Pendulum within the economic literature. Looking for specific key words, e.g. liberalization, and using correlation analyses and time-series regressions it is possible to determine changes of the topics economists worked on and to identify those economic macro-forces that have been driven these changes. The political development in recent years can be considered as a new swing of Polanyi's pendulum. Economics itself is part of the double movement. A second look at Polanyi's might be fruitful to face present challenges better equipped.

Keywords

political economy, Varieties of Capitalism, ddc:330, bibliometry, economics, double movement

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selected citations
These citations are derived from selected sources.
This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Citations provided by BIP!
popularity
This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
BIP!Popularity provided by BIP!
influence
This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Influence provided by BIP!
impulse
This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
BIP!Impulse provided by BIP!
0
Average
Average
Average
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