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Karl Polanyi's and Karl William Kapp's Substantive Economics: Important Insights from the Kapp-Polanyi Correspondence

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  • Sebastian Berger

Abstract

Based on the unpublished Kapp-Polanyi correspondence, the paper analyzes the relationship between the two economists, as well as the meaning and origin of substantive economics, i.e. one of the key concepts of institutional economics with distinctly European roots. The correspondence shows how both economists influenced each other in their similar understanding of the substantive economy, and reveals that these similarities and the mutual influence date back to the 'planning debate' of the 1920s and 1930s. The documents also evidence the importance of Carl Menger's definition of substantive economics in the posthumous and untranslated second edition of the Grundsatze der Volkswirtschaftslehre (Principles of Economics) (1923). As a result, Kapp's political economy, i.e. his social minima approach appears in new light. The latter actualizes the full potential of substantive economics for a modern political economy by integrating insights from Polanyi's substantive economics, Menger's differentiation of human needs according to their urgency, and Max Weber's substantive rationality.

Suggested Citation

  • Sebastian Berger, 2008. "Karl Polanyi's and Karl William Kapp's Substantive Economics: Important Insights from the Kapp-Polanyi Correspondence," Review of Social Economy, Taylor & Francis Journals, vol. 66(3), pages 381-396.
    • Handle: RePEc:taf:rsocec:v:66:y:2008:i:3:p:381-396
    DOI: 10.1080/00346760801932783
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    References listed on IDEAS

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    1. Veblen, Thorstein, 1904. "Theory of Business Enterprise," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number veblen1904.
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    Cited by:

    1. Gerber, Julien-François & Scheidel, Arnim, 2018. "In Search of Substantive Economics: Comparing Today's Two Major Socio-metabolic Approaches to the Economy – MEFA and MuSIASEM," Ecological Economics, Elsevier, vol. 144(C), pages 186-194.
    2. Berger, Sebastian, 2024. "Karl Polanyi's and K. William Kapp's arguments on social costs: is there a common “revolutionary” raison d'être?," Ecological Economics, Elsevier, vol. 219(C).
    3. Bridget O'Laughlin & Julien-François Gerber, 2016. "Forum 2016," Development and Change, International Institute of Social Studies, vol. 47(4), pages 902-917, July.
    4. Sebastian Berger, 2013. "The Making of the Institutional Theory of Social Costs: Discovering the K. W. Kapp and J. M. Clark Correspondence," American Journal of Economics and Sociology, Wiley Blackwell, vol. 72(5), pages 1106-1130, November.
    5. Valentinov, Vladislav, 2014. "K. William Kapp's theory of social costs: A Luhmannian interpretation," Ecological Economics, Elsevier, vol. 97(C), pages 28-33.

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