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Elements, origins and future of Great Transformations: Eastern Europe and global capitalism

Published online by Cambridge University Press:  01 January 2023

Hubert Gabrisch
Hubert Gabrisch*
Affiliation:
Wiesbaden Institute for Law and Economics, Germany
*
Hubert Gabrisch, Wiesbaden Institute for Law and Economics, Lerchenweg 14, 65232 Taunusstein, Germany. Email: [email protected]
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Abstract

This essay analyses the relationship of two ‘Great Transformations’: the first from socialism to capitalism, more specifically in Eastern Europe in the 1990s, and the second from regulated to unregulated capitalism in the global economy since the 1980s, with respect to their common origins, elements and social results. Applying Karl Polanyi’s double-movement concept, it is concluded that these two, in essence neoliberal, transformations have led to societies being deeply divided economically, socially and culturally. Moreover, the self-protection of transformation losers is generating adverse political outcomes on a global scale. For both reasons, the outcomes of neoliberal transformations are jeopardising also the viability of the European Union, which was initially built on the basis of a regulated capitalism. The future of the global economy and also of the European Union depends on how the conflicts between the deepening of unregulated globalisation, national sovereignty and democratic politics can be solved.

Keywords

B25B52P17Eastern Europeglobal capitalismGreat TransformationKarl Polanyineoliberalism
Type
Original Articles
Information
The Economic and Labour Relations Review , Volume 31 , Issue 2: Special Issue: Capitalism after Communism: Europe & the World 1989 - 2019 , June 2020 , pp. 172 - 190
Copyright
Copyright © The Author(s) 2020

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