Look up rather than down: Karl Polanyi’s fascism and radical right-wing ‘populism’

Abstract

Radical right-wing politics is often regarded as a populist movement for social protection against economic globalisation. As a solution, contemporary Polanyian critics often suggest reforming left parties to reorient populist movements from the right to the left by building a broad non-capitalist coalition. Through a close reading of Polanyi’s works, this article offers an alternative diagnosis and prescription for preventing radical right-wing empowerment. Polanyi explains that fascists gained political power through support from capitalist elites. Political democratisation threatened the separation of the market from politics, and the war and depression resulted in the dysfunction of the market economy. In this situation, capitalist elites chose fascism – a radical measure to protect capitalism by destroying democracy. This article argues that, in order to prevent radical right-wing empowerment, we should look up, to the capitalist economy and the ruling classes, rather than only down, to welfare chauvinism and the ‘people’.