Another counter movement? Can we understand emerging populism using Polányi’s analytical framework?

Abstract

Our paper examines the transformation of the international economic system. We examine the process of Polanyi’s double movement on the three levels of analysis of the international political economy: systemic, domestic and cognitive. Our aim is to show that during the development of the international system a certain pendulum is present which swings between the idea of the self-regulating market and ’the embedded liberalism’ of the Bretton Woods System. We will also show, that the increasing popularity of populist political parties might be also understood as a countermovement against forces of marketization.