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Karl Polanyi and twenty-first-century capitalism$
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Radhika Desai and Kari Polanyi Levitt

Print publication date: 2020

Print ISBN-13: 9781526127884

Published to Manchester Scholarship Online: January 2021

DOI: 10.7765/9781526127891

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PRINTED FROM MANCHESTER SCHOLARSHIP ONLINE (www.manchester.universitypressscholarship.com). (c) Copyright Manchester University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in MSO for personal use.date: 12 April 2021

Polanyi’s democratic socialist vision: Piketty through the lens of Polanyi

Polanyi’s democratic socialist vision: Piketty through the lens of Polanyi

Chapter:
(p.211) 10 Polanyi’s democratic socialist vision: Piketty through the lens of Polanyi
Source:
Karl Polanyi and twenty-first-century capitalism
Author(s):

Margaret R. Somers

Fred Block

Publisher:
Manchester University Press
DOI:10.7765/9781526127891.00019

This chapter brings Karl Polanyi into dialogue with Thomas Piketty, author of Capital in the Twenty-First Century. The dialogue is intended to make visible key aspects of Polanyi’s theoretical framework while also suggesting limitations in Piketty’s approach to political economy.  Specifically, the authors use the concept of ‘predistribution’ – implicit in Polanyi – to critique Piketty’s emphasis on redistribution as the solution to growing wealth and income inequality. Predistribution conveys the idea that the initial market distribution of income is not natural but is shaped by the systematic exercise of political and economic power.

Keywords:   Karl Polanyi, Income and wealth inequality, Thomas Piketty, Predistribution, Redistribution

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