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Polanyi and Foucault on the Issue of Market in Classical Political Economy

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  • Danielle Guizzo
  • Iara Vigo de Lima

Abstract

Studies have pointed out that the value of markets is related to their impact on the character of a society. Karl Polanyi’s thesis about social disembeddedness attributed to 19 th century economic liberalism the responsibility for consolidating the process of separating markets from society, which changed the dynamics between the state and population when economic rationality began dictating their connections. However, Polanyi only suggested analyses regarding power relations between these three elements and their effects on the social context. This paper argues that Michel Foucault’s writings concerning technologies of power and biopolitics complement Polanyi’s considerations insofar as they provide an understanding about how biopolitics emerged and how this led to a new posture of the state regarding population care and economic environment regulation.

Suggested Citation

  • Danielle Guizzo & Iara Vigo de Lima, 2017. "Polanyi and Foucault on the Issue of Market in Classical Political Economy," Review of Radical Political Economics, Union for Radical Political Economics, vol. 49(1), pages 100-113, March.
    • Handle: RePEc:sae:reorpe:v:49:y:2017:i:1:p:100-113
    DOI: 10.1177/0486613415621745
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    References listed on IDEAS

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    1. Bob Jessop, 2007. "Knowledge as a Fictitious Commodity: Insights and Limits of a Polanyian Perspective," Palgrave Macmillan Books, in: Reading Karl Polanyi for the Twenty-First Century, chapter 6, pages 115-133, Palgrave Macmillan.
    2. Hannes Lacher, 2007. "The Slight Transformation: Contesting the Legacy of Karl Polanyi," Palgrave Macmillan Books, in: Reading Karl Polanyi for the Twenty-First Century, chapter 3, pages 49-64, Palgrave Macmillan.
    3. James Ronald Stanfield & Jacqueline B. Stanfield, 2006. "The Protective Response and the Evolution of the Capitalist State," Palgrave Macmillan Books, in: Steven Pressman (ed.), Alternative Theories of the State, chapter 3, pages 34-63, Palgrave Macmillan.
    4. Manfred Bienefeld, 2007. "Suppressing the Double Movement to Secure the Dictatorship of Finance," Palgrave Macmillan Books, in: Reading Karl Polanyi for the Twenty-First Century, chapter 1, pages 13-31, Palgrave Macmillan.
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    More about this item

    Keywords

    Karl Polanyi; embeddedness; classical economic liberalism; Michel Foucault; biopolitics;
    All these keywords.

    JEL classification:

    • A14 - General Economics and Teaching - - General Economics - - - Sociology of Economics
    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General

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