Polanyi and Schumpeter

Transitional processes via societal spheres

Datos Bibliográficos

ID21604698
AutoresTheresa Hager (0000-0002-9092-9336, Johannes Kepler University of Linz, autor de correspondencia), Ines Heck (0000-0001-7940-4064, Johannes Kepler University of Linz, autor de correspondencia), Johanna Rath (0000-0002-2568-685X, Johannes Kepler University of Linz, autor de correspondencia)
Año2022
Volumen29
Número6
Páginas1089-1110
Fecha de publicación2022-11-02
Peer ReviewedSí
Open AccessSí
TipoARTICLE
RevistaEuropean Journal of the History of Economic Thought (JOURNAL)
Identificadores de la revistaISSN: 0967-2567 • E-ISSN: 1469-5936
EditorialInforma UK Limited (PUBLISHER • GB)
DOI10.1080/09672567.2022.2131865
OpenAlexW4304892065
IdiomaEN
Referencias citadas23

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