On The Dialectics of Global Governance in the Twenty-First Century : A Polanyian Double Movement?

Following decades of economic globalisation and market-oriented reforms across the world, Karl Polanyi’s double movement has been invoked not only to explain what is happening but also to give reasons for being hopeful about a different future. Some have suggested a pendulum model of history: a swing from markets to society leading, in the next phase, to a swing from society to markets, and so on. The double movement can also be understood dialectically as a description of an irreversible historical development following its own inner laws or schemes of development. Going beyond a thesis–antithesis–synthesis pattern, I maintain that conceptions and schemes drawn from dialectics, and especially dialectical critical realism, can provide better geo-historical hypotheses for explaining past changes and for building scenarios about possible future changes. I analyse political economy contradictions and tendencies, and focus on normative rationality, to assess substantial claims about rational tendential directionality of world history. I argue that democratic global Keynesianism would enable processes of decommodification and new syntheses concerning the market/social nexus. A learning process towards qualitatively higher levels of reflexivity can help develop global transformative agency. Existing contradictions can be resolved by means of rational collective actions and building more adequate common institutions. These collective actions are likely to involve new forms of political agency such as world political parties.Peer reviewe