For a New West

At a recent meeting of the World Economic Forum in Davos, it was reported that a ghost was haunting the deliberations of the assembled global elite - that of the renowned social scientist and economic historian, Karl Polanyi. In his classic work, The Great Transformation, Polanyi documented the impact of the rise of market society on western civilization and captured better than anyone else the destructive effects of the economic, political and social crisis of the 1930s. Today, in the throes of another Great Recession, Polanyi s work has gained a new significance. To understand the profound challenges faced by our democracies today, we need to revisit history and revisit his work. In this new collection of unpublished texts - lectures, draft essays and reports written between 1919 and 1958 - Polanyi examines the collapse of the liberal economic order and the demise of democracies in the inter-war years. He takes up again the fundamental question that preoccupied him throughout his work - the place of the economy in society - and aims to show how we might return to an economy anchored in society and its cultural, religious and political institutions. For anyone concerned about the danger to democracy and social life posed by the unleashing of capital from regulatory control and the dominance of the neoliberal ideologies of market fundamentalism, this important new volume by one of the great thinkers of the twentieth century is a must-read.

At a recent meeting of the World Economic Forum in Davos, it wasreported that a ghost was haunting the deliberations of theassembled global elite - that of the renowned social scientist andeconomic historian, Karl Polanyi.In his classic work, The Great Transformation, Polanyidocumented the impact of the rise of market society on westerncivilization and captured better than anyone else the destructiveeffects of the economic, political and social crisis of the 1930s.Today, in the throes of another Great Recession, Polanyi'swork has gained a new significance. To understand the profoundchallenges faced by our democracies today, we need to revisithistory and revisit his work.In this new collection of unpublished texts - lectures, draftessays and reports written between 1919 and 1958 - Polanyi examinesthe collapse of the liberal economic order and the demise ofdemocracies in the inter-war years. He takes up again thefundamental question that preoccupied him throughout his work - theplace of the economy in society - and aims to show how we mightreturn to an economy anchored in society and its culturalreligious and political institutions.For anyone concerned about the danger to democracy and social lifeposed by the unleashing of capital from regulatory control and thedominance of the neoliberal ideologies of market fundamentalismthis important new volume by one of the great thinkers of thetwentieth century is a must-read.

Preface by Kari Polanyi LevittIntroduction by Giorgio RestaI. Economy, technology and the problem of freedom1. For a new West2. Economic and freedom to shape our social destiny3. Economic history and the problem of freedom4. New frontiers of economic thinkingII. Institutions matter5. The contribution of institutional analysis to the social sciences6. The nature of International understanding7. The meaning of peace8. The roots of pacifism9. Culture in a democratic England of the future10. AmericaIII. How to make use of the social sciences11. How to make use of the social sciences12. On political theory13. Public opinion and statesmanship14. General economic history15. Market elements and economic planning in antiquityIV. Crisis and transformation16. What matters now. A reply.17. Conflicting philosophies in modern society18. The eclipse of panic and the outlook for socialism19. The passing of 19th century civilization20. The trend towards an integrated societyPostface by Mariavittoria Catanzariti