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Q: Karl Polanyi, free market ( Answered,   0 Comments )
Subject: Karl Polanyi, free market
Category: Reference, Education and News > Homework Help
Asked by: imetyhpoen-ga
List Price: $10.00
Posted: 01 May 2004 13:29 PDT
Expires: 31 May 2004 13:29 PDT
Question ID: 339509
What is Karl Polanyi' s view of the "free market"? Explain in words I
can understand.
Subject: Re: Karl Polanyi, free market
Answered By: willie-ga on 06 May 2004 07:58 PDT
Hi, and thanks for the question

This is distilled from a number of sources, with my references listed below.

Polanyi argued that free-market policies were pushing human society to
breaking point.

He said that those economic theorists pushing for free markets did not
understand that the market is, and has always been through history, an
institution moulded by the social habits of people, driven by the
pressures and strains of everyday life.

Polyani thought that these economists free trade policies were
distrastrous for the economy of countries,  because the theories
assumed that human beings act solely for financial gain, or to avoid
financial loss.

Polyani believed that it was only society's reaction to protect itself
against the abuses of the free market ( what he called the second
prong of the "Double Movement") that stopped free market economies
from destroying themselves.

Hope that answers your question



A summary of Polyani's 1944 book: The Great Transformation: The
Political and Economic Origins of Our Time

History, Economics, and Anthropology: The Work of Karl Polanyi

Polanyi on The Oddity Of An "Economic Society" 
Excerpts from economic historian Karl Polanyi's classic 1947 essay
"Our Obsolete Market Mentality: Civilization must Find a New Thought

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"Karl Polanyi" "free market"
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