Insight and inspiration in turbulent times.
One of the great economists of the twentieth century had the misfortune of publishing his magnum opus, The Great Transformation, in 1944, months before the inauguration of a new era of postwar economic growth and consumer culture.
Abstract: The political-economic limits to system innovation are explored through the Polanyian concepts of disembedding and the ‘double movement’. The Keynesian Welfare State is examined as the final outcome of a much broader ‘counter movement for societal protection.’ In place of reciprocity and autarchy, the Keynesian social compact involved the establishment of new, top-down circuits of redistribution, designed to facilitate continuing processes of capitalist modernization. Where social innovation is directed at the broad dynamics of marketization and the commodification of goods and services, this growth imperative continues to present an insuperable obstacle to system-level change. But as ecological capital at the level of the biosphere becomes a critical focus for a new protective ‘counter-movement’ and ‘degrowth’ becomes the de facto context for social innovation, systemic transformation becomes more thinkable. Hodgson’s ‘evotopia’ is recommended as a heuristic for a provisional, experimental and incremental exploration of the ‘adjacent possible.’
