Polanyi and Schumpeter

Transitional processes via societal spheres

Bibliographic Data

ID21604698
AuthorsTheresa Hager (0000-0002-9092-9336, Johannes Kepler University of Linz, corresponding author), Ines Heck (0000-0001-7940-4064, Johannes Kepler University of Linz, corresponding author), Johanna Rath (0000-0002-2568-685X, Johannes Kepler University of Linz, corresponding author)
Year2022
Volume29
Issue6
Pages1089-1110
Publication date2022-11-02
Peer ReviewedYes
Open AccessYes
TypeARTICLE
VenueEuropean Journal of the History of Economic Thought (JOURNAL)
Journal identifiersISSN: 0967-2567 • E-ISSN: 1469-5936
PublisherInforma UK Limited (PUBLISHER • GB)
DOI10.1080/09672567.2022.2131865
OpenAlexW4304892065
LanguageEN
References cited23

We examine parallels and differences, intersections and complementarities in the notions of societal transition by Karl Polanyi and Joseph A. Schumpeter. Considering their intellectual heritage, methodology and scope, we propose a three-sphere framework to analyse their theories and study the interdependencies within capitalism. The three spheres essential to both thinkers are the political, the socio-cultural and the economic: the latter dominates the others in capitalist societies. The resulting rationalisation (Schumpeter) and commodification (Polanyi) distort the socio-cultural sphere and transcend towards the political sphere which undermines democracy. Applying our framework, we identify similar transitional mechanisms but derive different implications for society

Capitalism · Commodification · Democracy · Economic system · Economics · Economy · Neoclassical economics · Parallels · Political economy · Political science · Politics · Positive economics · Sociology · Economic Theory and Institutions · Elite Sociology and Global Capitalism · Law · Political Economy and Marxism