Polányis

Polányis is a term that can refer to several related concepts originating from the work of Karl Polanyi, a Hungarian-American economist and anthropologist. Most commonly, it refers to the Polanyian school of thought, which emphasizes the embeddedness of the economy within social institutions. This perspective challenges the mainstream neoclassical economics that views the economy as a self-regulating system governed by market forces.

Central to Polanyian thought is the idea that economic activities are not separate from social life but are deeply intertwined with social structures, kinship, politics, and religion. Polanyi argued that the market economy, particularly the concept of a self-regulating market, is a historical anomaly rather than a natural state. He believed that in most societies throughout history, economic exchange was guided by principles like reciprocity and redistribution, rather than pure profit-seeking.

The concept of "embeddedness" is crucial, suggesting that economic actions are shaped by social norms and relationships. Conversely, the market economy, when dominant, can "disembed" economic activity, treating labor, land, and money as commodities to be bought and sold, often with detrimental social consequences. This critique is particularly relevant to discussions about globalization, financialization, and the social impact of market reforms.

The term "Polányis" might also occasionally refer to the family of Karl Polanyi, which included his wife Ilona Duczynska Polanyi, also a writer and activist, and their intellectual circle. However, the dominant usage of "Polányis" in academic discourse relates to the economic and social theories developed by Karl Polanyi.