As an advocate of the welfare state model during the Fordist period in which he was writing, Polanyi argued that the market society functioned best when the state intervened to regulate the economy through corporate taxation, price regulation, and public spending projects that maintained high levels of employment.
Polanyi argues that the effects of the marketization of these fictitious commodities produced social “countermovement” of one sort or another designed to mitigate or offset these harms by interfering with the principle of market self-regulation, a process he sometimes describes as the “protection of society” (Dale, 2013).
Polanyi offers just one example of how political economists expand our understanding of what constitutes capitalism beyond the economic sphere. How the dialectical tensions between the economy and the state serve to drive policy at different junctures of history is of critical importance to the discipline, but political economists don’t stop there. As Polanyi aptly terms it the market society, political economists are also concerned with the ways in which market principles have infiltrated our very relationships, identities, and desires. For this, we will now turn to the works of social reproduction theorists.
Political economy: capitalism, gender, and intersectionality
As a central component of market societies, political economists are concerned with the ways in which the introduction of wage labor under capitalism has fundamentally altered the way we structure our lives. Most people today must sell their labor power in return for wages in order to buy the goods they need to live. This market dependence is necessary for the capitalist mode of production because otherwise there would be little to no motivation to organize so much of our lives around wage labor. Nor would the economy be able to function if it weren’t for workers' continuous supply of labor power. As Marx puts it in dialectical terms,“every social process of production is, at the same time, a process of reproduction” (Marx, Das Kapital, 1867, [2012]).
Thus, the fulfillment of workers’ needs becomes a constituent part of capitalism as a totality. Yet, Marx spends far more time attending to the sphere of production and comparatively little on exploring the sphere of reproduction.
This is where political economists have intervened in the development of Social Reproduction Theory. As Tithi Bhattacharya explains, at its most basic level,