The market as a process of social disintegration: Polanyi’s critique of the market society
Abstract
In this paper we consider Polanyi’s conception of market society and the splitting of the economic and political spheres that its implementation requires, as well as his analysis of the social disruption that this creates and the processes of transformation that seek to contain it. From here, we approach Polanyi’s understanding of fascism as an internal drift of market society, which maintains capitalism at the cost of abolishing all democratic institutions. Finally, we outline Polanyi’s functional socialism as a way of overcoming free market capitalism by extending democracy from politics to economics.
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