Polanyi, The Great Transformation. According to a friend, this book figures into Deenan’s Why Liberalism Failed, and, since it is available free online, I started there. Will get to Deenan later, I hope.
50 pages of 375 in snapshot: after reading the forward by Joseph Stiglitz and the introduction by Fred Block, and the first chapter or so, had to google who this Karl Polanyi and these dudes were. Stiglitz is a New Keynesian economist with all the awards and sheepskins; Block is a prominent sociologist.
Keynes was the official economist of the Fabian movement – he was General-Secretary and later president of the Royal Economic Society, which was founded by Fabians to promote their communist views. As a New Keynesian, Stiglitz is one of a long line of Fabian economists, and part of the effort to salvage Keynes from the unfortunate (in the eyes of Marxists) success of the modern world in reducing violence and poverty to previously unimaginable levels. More people live safer, more secure and affluent lives now than ever before in history, and the trends are all good – so, who needs socialism, let alone communism? So New Keynesians focus on what, in the big picture, are blips in the overall trends, and ignore the overall story of success. (1)
Keep in mind that while Marx was infatuated with economics and legendarily whiled away several years doing research in the British Museum Reading Room, he’s also notorious for his extraordinarily weak grasp of the actual economic activity of the world he lived in, as well as for his use of nonsensical footnotes and references. (2) He established a tradition, in other words.
Block is a Critical Theorist, as are all prominent Sociologists, although it is customary to portray their devotion to Marx as merely one influence among others and a prompt to acting as gadflies against other, more ossified and less Progressive theories. (See: my theory of filters – once the heirs of the Fabians get control of a university department, they can then filter out the non pliable, let alone any outright opponents. After a couple generations, harmony is achieved. This harmony is achieved at the cost of honesty and academic freedom, which, following Gobels and Alansky, is what those enforcing that harmony claim their opponents are attacking. This would be amusing if it weren’t true.) Critical Theory is Marxism as manifested in academia. Take a gander at the home page of the American Sociological Association, and judge for yourself what they’re up to.
Stiglitz and Block are of course effusive in their praise of Polanyi.
Polanyi was also a Fabian, but is said to have a ‘complex’ relationship with Marxism, which, translated into English, means he did not find it expedient to tout his Marxism always and everywhere. His wife Ilona Duczynska worked in the propaganda department of the People’s Commissariat for Foreign Affairs and she was a member of the Budapest Central Revolutionary Worker and Soldier Council. So I think we can assume Polanyi had a high degree of sympathy, at least, with revolutionary ideas.
Anticipating a completely predictable read in at least this sense: anything bad or less than perfect that happens where free markets reign will be presented as proof of the conceptual failure of Capitalism; any failures under socialism, up to and including mass murder, will, if acknowledged at all, be attributed to human failings of one sort of another. Further, ‘democratic’ will be used to mean ‘rule by the enlightened few who, as communists, believe they have the right and duty to do whatever they want to the demos in the name of achieving the glorious future.’ This is the sense in which Stalin and Che were men of the people, not despite, but especially when murdering unarmed men, women and children. (3) History proves socialism correct provided you assume your conclusion as the sole acceptable lens through which history may be viewed.
In the first 50 pages, that’s what I got. Also, there’s the heartfelt sympathy for those poor little people who suffer under the vagaries of free markets that is somehow not present at all for those who suffer under socialism. The theory is pure and correct, after all, so such suffering under socialism cannot be caused by it, while free markets are evil, so that any suffering, no matter how temporal or complicated it causes, no matter how much a blip on an otherwise very hopeful trend, proves that free markets must be snuffed out (along with, as history has shown, any *people* who do not sufficiently hate them. But that’s the small ‘h’ history where people do and suffer things, not the capital ‘H’ History that drives Progress.)
Will review when completed.
- Marx is said to have been revolutionary in his insistence on viewing economic activity as a whole, taking, one might say, a macro view of microeconomics. History is marching forward – what the little people actually do can only be understood as results or even side effects of this march of Progress. New Keynesians are, according to Wikipedia, involved in using microeconomics to prop up Keynes against the persistent claim that his analysis and policies make no sense, and, specifically, that history over the last 50 years or so has shown doesn’t, you know, work. The irony amuses me.
- I’ve heard this ‘Marx’s footnote and references are nonsense’ comment from a couple of sources that I now cannot of course find; I myself will never live long enough to actually look up the copious footnotes in Capital. I long for someone to write a book on Marx’s footnotes – that, I’d try to read.
- It’s no accident Fabians were huge proponents of eugenics. especially via the sterilization of the less fit (and one guess who would be defined as ‘less fit’ if they ever gained power).