THE WORLD MARKET UNBOUND

The processes of 'disembedding' analysed by Karl Polanyi as part of th e 'great transformation' are still continuing. They comprise not only market mechanisms but money and energy,space and time regimes. Especia lly under the pressures of globalization disembedded money, fossil ene rgies, abstract time and space act as external constraints of the worl d market on social systems. Societies have to adjust structurally to t he conditions set by compulsory mechanisms. How do they work? In order to give an answer to this question the authors examine the structure of markets, particularly the world market. External constraints are im portant for the possibilities of democratic participation; disembeddin g mechanisms restrict democracy's place.