11. Do We Need a New "Great Transformation"? Is One Likely?
- Author:
- Frances Stewart
- Publication Date:
- 04-2006
- Content Type:
- Working Paper
- Institution:
- United Nations University
- Abstract:
- Karl Polanyi wrote The Great Transformation in 1944 which analysed the double movement Europe experienced, from a situation where the market was heavily regulated and controlled in the eighteenth century to a virtually unregulated market in the nineteenth century, and the huge transformation in which the market was once more brought under control as a reaction to the poverty, unemployment and insecurity brought about by the unregulated market. Yet in both developed and developing countries there has since been a reaction with a new move towards the market. This paper analyses such processes in contemporary developing countries, and considers whether, in the light of the consequences of the unregulated market, a new Great Transformation is needed. It also considers whether such a transformation is likely, reviewing moves towards increased regulation of the market, and also the challenges faced by any contemporary great transformation arising from globalization and the nature of politics.
- Topic:
- Development, Markets, and Poverty
- Political Geography:
- Europe