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Relaxing the shackles: The invisible pendulum

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  • Frances Stewart

    (Oxford Department of International Development, University of Oxford, Oxford, UK)

Abstract

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 as a result of the inefficiencies associated with this interventionism. This note argues that the pendulum is swinging again, following the political and economic consequences of this market domination. Again market forces are being restrained by regulation, state takeovers, social protection and Keynesian macro-policies, while environmental factors have added to pressures for interventionist policies. Copyright © 2009 John Wiley & Sons, Ltd.

Suggested Citation

  • Frances Stewart, 2009. "Relaxing the shackles: The invisible pendulum," Journal of International Development, John Wiley & Sons, Ltd., vol. 21(6), pages 765-771.
    • Handle: RePEc:wly:jintdv:v:21:y:2009:i:6:p:765-771
    DOI: 10.1002/jid.1613
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    References listed on IDEAS

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    1. Bela Balassa, 1965. "Tariff Protection in Industrial Countries: An Evaluation," Journal of Political Economy, University of Chicago Press, vol. 73(6), pages 573-573.
    2. Huck, Paul, 1995. "Infant Mortality and Living Standards of English Workers During the Industrial Revolution," The Journal of Economic History, Cambridge University Press, vol. 55(3), pages 528-550, September.
    3. Krueger, Anne O, 1974. "The Political Economy of the Rent-Seeking Society," American Economic Review, American Economic Association, vol. 64(3), pages 291-303, June.
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    Cited by:

    1. Colin Filer & Sango Mahanty & Lesley Potter, 2020. "The FPIC Principle Meets Land Struggles in Cambodia, Indonesia and Papua New Guinea," Land, MDPI, vol. 9(3), pages 1-21, February.
    2. Kretschmer, Mark, 2019. "Karl Polanyi and economics: Polanyi's pendulum in economic science," Discourses in Social Market Economy 2019-04, OrdnungsPolitisches Portal (OPO).
    3. Geoff Goodwin, 2018. "Rethinking the Double Movement: Expanding the Frontiers of Polanyian Analysis in the Global South," Development and Change, International Institute of Social Studies, vol. 49(5), pages 1268-1290, September.
    4. Goodwin, Geoff, 2018. "Rethinking the double movement: expanding the frontiers of Polanyian analysis in the Global South," LSE Research Online Documents on Economics 87253, London School of Economics and Political Science, LSE Library.

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