POLS 3790 Lecture Notes - Lecture 8: International Political Economy, Karl Polanyi
Problems included: (a) the putative nature of the post-wwi settlement (b) the exclusion of the masses from economic policy decisions (c) the lack of us commitment to an open world economy. The decision to re-establish the gold standard at pre-war levels was particularly problematic. The system of war reparations from germany to france in compensation for the war precipitated the onset of the world" crisis in 1931. International coordination and collaboration to arrest german insolvency was weak and led on to a protectionist crescendo. Popular mobilization and new forms of state in the inter-war period: one way of understanding the failings of the international order is derived from karl polanyi - the. Double movement" - the rise of utopian free market idealism and the subsequent reaction against the implications (over-reach) of free markets for people and societies. Two oppositional ideologies emerged that aimed to ensure the self-protection of people against markets: communism and fascism.