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Milan Babić
The Rise of State Capital, 02/2023Book Chapter
The increasing political importance of the BRICS – and other “state capitalists” – during the first decade of the twenty-first century provoked analyses that drew heavily on what I describe as a “popularized Polanyi-ism”. The economist and sociologist Karl Polanyi himself argued that nineteenth-century liberal attempts to “disembed” the economy from the rest of society led to a backlash in the form of “re-embedding” forces in the early twentieth century (Polanyi 2001). In a similar vein, political commentators understood the ascent of neoliberal globalization in the 1980s as an attempt of a global disembedding of markets, which would be met by renewed
