by Rainer Hank and Wolfgang Merkel
Karl Polanyi condemned profit greed and deregulated markets. Today’s capitalism critics are his heirs and don’t know it. An unfettered capitalism is responsible for the world coming out of joint. The ancestors of an orientation that the economy needs social embedding hardly know Polanyi.
“Finance capital was put in the driver’s seat.” Border-crossing capital transactions increased enormously and were used for financial speculation, not for investments in productive projects.