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Financialization and Society's Protective Response: Reconsidering Karl Polanyi's Double Movement
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Financialization and Society's Protective Response: Reconsidering Karl Polanyi's Double Movement
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Journal Article
Financialization and Society's Protective Response: Reconsidering Karl Polanyi's Double Movement
2017
Overview
Financialization challenges Karl Polanyi's thesis of double movement, the thesis that efforts to extend the market evoke efforts to protect humans, nature, and means of production from market forces. Financialization refers to the increased power of financial institutions. The government protects the incomes and assets of financial institutions, but it does little to protect the incomes and assets of households, which are necessary for people to afford healthcare, education, emergencies, retirement, and so on. Polanyi criticized nineteenth-century civilization for transforming land, labor, and the means of production into commodities, using economic insecurity to motivate humans. The development of intangible property allowed business to expand the market in two ways: (i) restricting output to drive up profits and (ii) liquefying consumer assets to provide credit to consumers to increase spending. The implications of that process manifested themselves in the financial crisis of 2008. Market capitalism represented the attempt to organize commodities based on economic rationality. Similarly, the twentieth- and twenty-first-century capitalism represents the effort to \"rationally\" organize society according to the value of intangible assets. Both efforts failed, indicating the continued relevance of Polanyi's thesis.
