Double Movement, Globalization, and the Crisis

Abstract

This article asks whether the process of financial globalization and its recent crisis can be explained by Karl Polanyi's notion of the double movement and argues, in tune with this notion, that capitalist market relations depend on certain institutional arrangements and yet the development of the market forces deteriorates these institutions' arrangements to such extent that even the "capitalist business itself had to be sheltered from the unrestricted working of the market mechanism" (Polanyi 1944: 193).

EMU macroeconomic policy regime

“…In the US, the Roosevelt administration, backed by a coalition of farmers, labour and progressive business leaders, had launched several economic reforms that had made financial policy politically more accountable 16 and the achievement of rapid GDP growth together with the fight against unemployment central governmental responsibilities (see e.g. Block 2011;Özgür and Özel, 2010).…”

The Saudi-led Intervention in Yemen. (c2021)

“…2 North Atlantic Treaty Organization 3.3.1.2 South-North economic divide: the global economic inequality is a feature of the increased grievances and the revolt of many people in the Arab World (Ozgur & Ozel, 2013) (Gökçer Özgür & Hüseyin Özel, 2013). The existence of grievances attributed to disputes in countries like Yemen, Syria, and Libya.…”