People in different European countries, including France, Italy, Belgium and Albania, have taken to the streets protesting the rising costs of living, housing, poor education facilities, and perceived lack of economic opportunity.

A growing sense of economic insecurity and concerns over future economic prospects in an increasingly market-driven economy have become prominent features of these protests across Europe. These protests have reignited discussions on what happens when market mechanisms influence aspects of everyday life, and about the ability of institutions to protect citizens from the social costs of these changes.

In this context, the ideas of the 20th century sociologist and economic historian Karl Polanyi, particularly his concept of ‘double movement’, provide a useful framework to understand the tensions between the expansion of markets and the demand for social protection.

The rise of market society

In his book, The Great Transformation: The Political and Economic Origins of Our Time…