Chapter 4: The Polanyian Image Reversed: Globalisation and Economic Citizenship in the New Great Transformation
Terrence Casey Yes to the market economy; no to the market society Former French Prime Minister Lionel Jospin INTRODUCTION Does globalisation herald a new dawn of growth and expanding prosperity across nations or increasing economic instability and political disorder? This chapter builds on the Polanyian insight of market embeddedness in order to establish a more useful theoretical framework for understanding the economic and political dynamics of responses to globalisation. The goal is to conceptualise how changes in the global system will be interpreted through the particular traits of diverse national systems. It is argued below that this is a function of whether the economic culture and economic institutions of these systems orientate individuals in either market-responsive (society-cum-market) or market-resistant (society-contra-market) directions. As such, how a society responds to the increased marketisation of social life – be it through defensive resistance or proactive adaptation – depends on the extent to which societies (more or less) mimic underlying ideals of markets, creating a sense of citizenship within the economy as well as within the polity. Economically this implies that market-responsive systems are likely to exhibit superior performance as globalisation progresses. Politically this implies that globalisation is not in itself a destabilising process, but rather cultural and institutional impediments at the national level serve to hinder adaptation and create conditions for political turmoil, alienation, a sense of disenfranchisement and, in its most extreme form, serving as a catalyst for terrorist movements. 55 56 Theoretical frameworks COMPETING PERSPECTIVES OF GLOBALISATION There is perhaps no better example...
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