Relaxing the Shackles: The Invisible Pendulum.
This note draws on Polanyi's pendulum in economic policies presented in the the Great Transformation - with swings back and forth between strong restrictions on the market and market domination, each resulting from excesses of the dominant model. The swing he described, when he wrote, was a reaction to the consequences of market domination, notably the Great Depression, and ushered in Keynesianism and the welfare state. In the late twentieth century, there was a swing back towards the market ...Expand abstract
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