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Polanyi believed that we would never again experiment with market fundamentalism

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In truth Polanyi pays little attention to fictitious commodities, more concerned to develop his majestic history that begins with the advance of marketization at the end of the 18th century and ends in the 1930s with a countermovement that brings about new forms of state regulation – both those that advance freedoms, such as the New Deal and social democracy and those that restrict freedoms, such as Fascism and Stalinism. The double threat – on the one hand to the survival of society and, then, to freedom ravaged by the reaction to the destruction of society – led Polanyi to believe that humanity would never again experiment with market fundamentalism. Polanyi was wrong. Beginning in 1973 there developed a new round of market fundamentalism which has had far reaching consequences for the history of capitalism and the specificity of the contemporary period.

Karl Polanyi

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