This essay will look at the trajectory of “boom and bust” market cycle and social movement histor... more This essay will look at the trajectory of “boom and bust” market cycle and social movement history from the period of the Great Depression to the post 2008 global financial crisis to illustrate why agency matters over the long durée. I argue that the market has indeed evolved based on the global historical events and the intellectual discourse of the time. I will look at how the works of Keynes and Hayek have influenced the current economic system which led to further globalisation, and contrast it with Karl Polanyi’s caution that the market society that is built on the concept of land, labour and money as fictitious commodities had caused negative outcomes, such as the arrival of fascism, social dislocation and environmental degradation.
Karl Polanyi, in his book, “The Great Transformation,” suggested that the fascist movement that triggered the World War II, emerged “as an alternative solution to the problem of an industrial society” (1944, 234) and culminated during the collapse of the economy in the great downturn of the 1930. Interestingly, we are seeing a similar historical pattern occurring today, 70 years after the book was published. The extremist movements like the Islamic State (ISIS) militant groups in the Middle East and neo-Nazis in Europe are on the rise, especially after the 2008 global financial crisis, which is the worst economic meltdown since The Great Depression. Despite this, I argue that there is a possibility for positive change. On the other end of the line, the Occupy Movement and the Localisation movement give hope that positive change is not impossible. This essay will analyse the conditions that allow these two movements to emerge, thrive and sustain.
This essay will look at the trajectory of “boom and bust” market cycle and social movement histor... more This essay will look at the trajectory of “boom and bust” market cycle and social movement history from the period of the Great Depression to the post 2008 global financial crisis to illustrate why agency matters over the long durée. I argue that the market has indeed evolved based on the global historical events and the intellectual discourse of the time. I will look at how the works of Keynes and Hayek have influenced the current economic system which led to further globalisation, and contrast it with Karl Polanyi’s caution that the market society that is built on the concept of land, labour and money as fictitious commodities had caused negative outcomes, such as the arrival of fascism, social dislocation and environmental degradation.
Karl Polanyi, in his book, “The Great Transformation,” suggested that the fascist movement that triggered the World War II, emerged “as an alternative solution to the problem of an industrial society” (1944, 234) and culminated during the collapse of the economy in the great downturn of the 1930. Interestingly, we are seeing a similar historical pattern occurring today, 70 years after the book was published. The extremist movements like the Islamic State (ISIS) militant groups in the Middle East and neo-Nazis in Europe are on the rise, especially after the 2008 global financial crisis, which is the worst economic meltdown since The Great Depression. Despite this, I argue that there is a possibility for positive change. On the other end of the line, the Occupy Movement and the Localisation movement give hope that positive change is not impossible. This essay will analyse the conditions that allow these two movements to emerge, thrive and sustain.
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Karl Polanyi, in his book, “The Great Transformation,” suggested that the fascist movement that triggered the World War II, emerged “as an alternative solution to the problem of an industrial society” (1944, 234) and culminated during the collapse of the economy in the great downturn of the 1930. Interestingly, we are seeing a similar historical pattern occurring today, 70 years after the book was published. The extremist movements like the Islamic State (ISIS) militant groups in the Middle East and neo-Nazis in Europe are on the rise, especially after the 2008 global financial crisis, which is the worst economic meltdown since The Great Depression. Despite this, I argue that there is a possibility for positive change. On the other end of the line, the Occupy Movement and the Localisation movement give hope that positive change is not impossible. This essay will analyse the conditions that allow these two movements to emerge, thrive and sustain.
Karl Polanyi, in his book, “The Great Transformation,” suggested that the fascist movement that triggered the World War II, emerged “as an alternative solution to the problem of an industrial society” (1944, 234) and culminated during the collapse of the economy in the great downturn of the 1930. Interestingly, we are seeing a similar historical pattern occurring today, 70 years after the book was published. The extremist movements like the Islamic State (ISIS) militant groups in the Middle East and neo-Nazis in Europe are on the rise, especially after the 2008 global financial crisis, which is the worst economic meltdown since The Great Depression. Despite this, I argue that there is a possibility for positive change. On the other end of the line, the Occupy Movement and the Localisation movement give hope that positive change is not impossible. This essay will analyse the conditions that allow these two movements to emerge, thrive and sustain.