Modern Capitalism and Its Future from Karl Polanyi’s Perspective

Double Movement and Socialist Transformation

Abstract

This paper delves into the future of capitalism from the perspective of Karl Polanyi. While many scholars have drawn on Polanyi’s insights to critique capitalism, particularly focusing on the concept of double movement, they also emphasize the need for seeking alternatives to capitalism to protect society from the adverse effects of unbridled market expansion. However, Polanyi originally conceived the double movement as a tool for explaining 19th-century historical dynamics rather than as a blueprint for shaping the future of our social economy. In the context of Polanyi’s discourse, thinking about post-capitalism leads us to consider the prospect of socialist transformation. In this paper, we undertake an exploration of contemporary capitalism based on Polanyi’s ideas, using the constructs of the double movement and socialist transformation. We discuss new fictitious commodities, behavioural data, cap-and-trade of CO2, and proliferation of knowledge. We also advocate for a socialist transformation that encompasses a democratic movement within the realm of surveillance capitalism, all while taking into account the impact of the COVID-19 pandemic. The discussion on Polanyi’s work presents two possibilities: the extension of the current state of affairs through a double movement and the emergence of a socialist world in which democracy regulates the economy.