Re-reading Friedrich Hayek and Karl Polanyi in the Late-Modern Condition of Fragility

Abstract

The cardinal role of complexity in Friedrich Hayek's theory of the market has hardly gone unnoticed. Indeed, there is now a considerable corpus of literature that has established the importance of spontaneity as a central concept around which neoliberal economic theory revolves. However, as William Connolly analyzes, its closed conception of economic processes simplifies real economic volatilities and ignores both modes of self-organization and creativity found in democracy and social movements that periodically irrupt into market processes. This article builds upon this critique of neoliberalism and employs Karl Polanyi's genealogy of modern capitalism to understand historical imbrications between the market and the social and their contribution to the fragility of capitalism. Polanyi's notions of "(dis-)embeddedness" and the "double movement" not only show us a more "complex" view of modern political economy but also provide us with important lessons for political responses to the recent crisis of neoliberal capitalism.This review article compares Friedrich Hayek and Karl Polanyi to examine the emergence, evolution, and fragility of the modern politico-economic system. Insights from complexity theory as alternative readings of the world are employed to facilitate a conversation

Devlet, Piyasa ve Toplum: Karl Polanyi ve Friedrich A. Hayek Üzerine Bir İnceleme

“…İkinci grupta; Polanyi ve Hayek'in görüşlerinin belirli bir kavram üzerinden tartışıldığı çalışmalar bulunmaktadır. Örneğin: kendiliğinden düzen (De Almeida ve Fernandes, 2015), ideal teori (Lindsay, 2015), mülksüzleştirme yoluyla birikim (Cha, 2017), çifte hareket (Faria, 2018), sosyalist hesaplama tartışmaları (Dale, 2018), gömülü liberalizm (Migone, 2011;Cahill, 2018) ve amaçlanmamış sonuçlar (Özel, 2019) gibi kavramlar bunlardan bazılarıdır. Üçüncü gruptaki çalışmalar ise düşünürlerin fikirlerini hem Brexit (Worth, 2016), 2008 Krizi (Üşenmez ve Duman, 2016) ve bölgesel entegrasyon süreçleri (Höpner ve Schafer, 2012) gibi makro gelişmelerin hem de ABD'deki suçluluk oranları (Zullo, 2021) gibi mikro vakaların değerlendirilmesinde referans olarak almaktadır.…”