Toward a Neo-Polanyian Conception of Capitalist Crisis

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* Article: Source: Marketization, Social Protection, Emancipation: Toward a Neo-Polanyian Conception of Capitalist Crisis. By Nancy Fraser



Nancy Fraser:

"That is my aim in the present essay. Seeking to develop a critique that comprehends society as well as economy, I propose to broaden Polanyi’s problematic to encompass a third project that crosscuts his central conflict between marketization and social protection. This third project, which I shall call emancipation, aims to overcome forms of domination rooted both in economy and society. Central to both iterations of the great transformation, the one analyzed by Polanyi and the one we are living through now, struggles for emancipation constitute the missing third that mediates every conflict between marketization and social protection. The effect of introducing this missing third will be to transform the double movement into a triple movement. Embracing marketization, social protection, and emancipation, the triple movement is designed to map the collision of those three political projects, each of which remains salient today. Thus, this figure will form the core of a new, quasi-Polanyian perspective that can clarify capitalist crisis in the 21st century."


Michel Bauwens:

"The double movement is the periodic balancing in capitalist societies between the push for marketization, which aims to disembbed the market from society, and the counter-movement pushing for social protection, which seeks to re-embed the market into society. Nancy Fraser wants to add a third term, "emancipation", which includes the insights of critical theory that oppression is not just caused by the economy and the market, but is wedded in society itself, and thus baked into the counter-movement as well."