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Power and Progress: The Swing of the Pendulum

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  • Frances Stewart

Abstract

This paper uses Polanyi's 1944 analysis of policy change—in which there are long-term swings from state regulation to markets and back again, as the consequences of one regime lead to political reactions that in turn reverse the policies. It shows how the Polanyi analysis continued to apply throughout the twentieth and early-twenty-first century, well beyond when he wrote, and that the swings also apply to developing country policy-making. It argues that there are new signs of policy change—this time against market domination—in a number of developing countries. The paper concludes that Polanyi's view of the conditions behind policy change—notably long-term political movements, political struggle and political conflict—needs to be introduced into the analysis of policy change for the promotion of human development and the expansion of capabilities.

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  • Frances Stewart, 2010. "Power and Progress: The Swing of the Pendulum," Journal of Human Development and Capabilities, Taylor & Francis Journals, vol. 11(3), pages 371-395.
    • Handle: RePEc:taf:jhudca:v:11:y:2010:i:3:p:371-395
    DOI: 10.1080/19452829.2010.495501
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    References listed on IDEAS

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    1. Peter Lindert, 2004. "Social Spending and Economic Growth," Challenge, Taylor & Francis Journals, vol. 47(4), pages 6-16.
    2. Daunton, M. J., 1995. "Progress and Poverty: An Economic and Social History of Britain 1700-1850," OUP Catalogue, Oxford University Press, number 9780198222811.
    3. Dani Rodrik, 1998. "Has Globalization Gone Too Far?," Challenge, Taylor & Francis Journals, vol. 41(2), pages 81-94, March.
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    Cited by:

    1. Pratap Bhanu Mehta & Michael Walton, 2014. "Ideas, interests and the politics of development change in India: capitalism, inclusion and the state," Global Development Institute Working Paper Series esid-036-14, GDI, The University of Manchester.
    2. Frances Stewart, 2013. "The Politics of Poverty Reduction by Paul Mosley with Blessing Chiripanhura , Jean Grugel, and Ben Thirkell-White , Oxford : Oxford University Press , 2012 , viii + 411 pp," The Developing Economies, Institute of Developing Economies, vol. 51(4), pages 402-405, December.
    3. Andrea Vigorito, 2011. "Bibliography on the Capability Approach 2010--2011," Journal of Human Development and Capabilities, Taylor & Francis Journals, vol. 12(4), pages 607-612, November.
    4. Sangheon Lee & Megan Gerecke, 2015. "Economic development and inequality: revisiting the Kuznets curve," Chapters, in: Janine Berg (ed.), Labour Markets, Institutions and Inequality, chapter 2, pages 39-64, Edward Elgar Publishing.
    5. Michael Keaney, 2018. "Book Review: The Emotional Logic of Capitalism: What Progressives Have Missed," Review of Radical Political Economics, Union for Radical Political Economics, vol. 50(3), pages 601-605, September.
    6. Abdulkadir Senkal, 2022. "Polanyi’nin Perspektifinden Sosyal Politikayi Okumak: Piyasa, Refah ve Emek Sorunsali," Journal of Social Policy Conferences, Istanbul University, Faculty of Economics, vol. 0(82), pages 1-33, June.

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