Four years into the unfolding of the most serious crisis since the 1930s, Karl Polanyi's prediction of the fateful consequences of unleashing the destructive power of unregulated market capitalism on peoples, nations, and the natural environment has assumed new urgency and relevance. Polanyi's insistence that 'the self-regulating market' must be made subordinate to democracy, otherwise society itself may be put at risk, is as true today as it was when Polanyi wrote. Written from the unique perspective of his daughter, From the Great Transformation to the Great Financialization is an essential contribution to our understanding of the evolution and contemporary significance of Karl Polanyi's work, and should be read against the background of the accelerating accumulation of global finance that created a series of financial crises in Latin America, Russia, Asia, and, eventually, the heartlands of capitalism itself.
Foreword by Samir Amin Preface Acknowledgements Introduction Part I: Polanyi on Capitalism, Socialism and Democracy 1. On Transformations: Past, Present, and Future? 2. Hayek from Vienna to Chicago: Architect of the Neoliberal Creed 3. The Roots of Polanyi's Socialist Vision 4. Back to the Future: The World Economic Crisis of the 1930s 5. Keynes and Polanyi: the 1920s and the 1990s 6. Leading Concepts in the Work of Karl Polanyi and their Contemporary Relevance 7. Culture and economy 8. Social dividend as a citizen right Part II: The Global South from Conquest and Exploitation to Self-reliant Development 9. Structural Continuity and Economic Dependence in the Capitalist World System 10. Mercantilist Origins of Capitalism and its Legacies: Decline of the West and Rise of the Rest 11. The Great Financialization 12. Development Economics in Perspective 13. Reclaiming Policy Space for Equitable Economic Development 14. Intellectual Independence and Transformative Change in the South Postscript on Globalization and Development Bibliography