Polayni’s Double Movement: A Critical Reappraisal

Abstract

Social scientists have been paying increasing attention to the works of Karl Polanyi. Of particular interest has been his claim that the (re)structuring of the economy based on the ideals of the self-regulating market inevitably leads society to reassert itself against the commodification of land, labour and money. Referred to as the “double movement,” this idea has been used by many scholars to challenge the underlying logic of free-market principles and to explain popular resistance to reforms based on it. There are two aspects of Polanyi’s double movement. The first refers to the push for free market reforms by various groups in society. The second refers to the counter-movements that he argues necessarily and spontaneously mobilize against it. Many who draw on Polanyi focus on the second aspect and how it might apply to contemporary debates. Less attention has been paid to the contemporary applicability of the first aspect. In this paper I argue that this is an area that deserves further attention, both from those who wish to apply his ideas as well as from those who wish to challenge them.