Hager, Theresa, Heck, Ines ORCID: https://orcid.org/0000-0001-7940-4064 and Rath, Johanna (2022) Polanyi and Schumpeter: transitional processes via societal spheres. The European Journal of the History of Economic Thought, 29 (6). pp. 1089-1110. ISSN 0967-2567 (Print), 1469-5936 (Online) (doi:10.1080/09672567.2022.2131865)

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Abstract

We examine parallels and differences, intersections and comple-mentarities in the notions of societal transition by Karl Polanyiand Joseph A. Schumpeter. Considering their intellectual heritage,methodology and scope, we propose a three-sphere frameworkto analyse their theories and study the interdependencies withincapitalism. The three spheres essential to both thinkers are thepolitical, the socio-cultural and the economic: the latter dominatesthe others in capitalist societies. The resulting rationalisation(Schumpeter) and commodification (Polanyi) distort the socio-cul-tural sphere and transcend towards the political sphere whichundermines democracy. Applying our framework, we identify simi-lar transitional mechanisms but derive different implicationsfor society.

Item Type:	Article
Additional Information:	The European Journal of the History of Economic Thought Volume 29, 2022 - Issue 6: ESHET 2021 Special Issue (Sofia II).
Uncontrolled Keywords:	Karl Polanyi; Joseph A. Schumpeter; transformation; institutional change; societal spheres
Subjects:	H Social Sciences > H Social Sciences (General) H Social Sciences > HB Economic Theory
Faculty / School / Research Centre / Research Group:	Faculty of Business Greenwich Business School > Political Economy, Governance, Finance and Accountability (PEGFA)
Last Modified:	02 Dec 2024 16:09
URI:	http://gala.gre.ac.uk/id/eprint/47102

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