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Business as UsualThe Roots of the Global Financial Meltdown$
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Craig Calhoun and Georgi Derluguian

Print publication date: 2011

Print ISBN-13: 9780814772775

Published to NYU Press Scholarship Online: March 2016

DOI: 10.18574/nyu/9780814772775.001.0001

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Marketization, Social Protection, Emancipation

Marketization, Social Protection, Emancipation

Toward a Neo-Polanyian Conception of Capitalist Crisis

Chapter:
(p.137) Chapter 5 Marketization, Social Protection, Emancipation
Source:
Business as Usual
Author(s):

Nancy Fraser

Publisher:
NYU Press
DOI:10.18574/nyu/9780814772775.003.0007

This chapter introduces a “neo-Polanyian” conception of capitalist crisis, by drawing from and engaging with Karl Polanyi's framework. Polanyi had described a “double movement” by which societies typically correct for the predations inflicted by unregulated markets (and thus secure their future). Government is crucial to providing social insurance, education, food or health support, and other benefits. Social movements are crucial to producing government action (and also, often concessions from businesses). But these are not simply class or labor struggles. Nor does the double movement imply overcoming capitalism; it can be a push for “repurposing” capitalist wealth as well as for simple redistribution.

Keywords:   Karl Polanyi, capitalist crisis, double movement, government action, capitalism

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