Jamal Awil

← Nine Lives of Neoliberalism

Inspired by Keynes's General Theory. [fact]

Taking it upon himself to correct the situation, Polanyi produced an educational motion picture expounding the workings of a market economy which aimed at embedding in the public spirit an expert understanding of the economic mechanism. Inspired by Keynes's General Theory, the film centered around the representation of the money belt, streaming from industries, to shops, to consumers, with a central bank regulating the flow of spending and saving. Praising the film's semiotic properties, which allowed an invisible complex structure to be seen and thus understood, Polanyi was optimistic about its educational impact on the lay masses, hoping it would turn them away from central planning and restore their confidence in a market economy. A society so transformed by this effort to publicize the coordinating virtues of markets would fulfil the "promise of liberalism": the social integration achieved in the Soviet Union through public emotion and propaganda could be accomplished in liberal societies through reason and public education.

Dieter Plehwe, Quinn Slobodian & Philip Mirowski (eds.), Nine Lives of Neoliberalism, loc. 70