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Lecture 5 - The Rise of the Market Economy(ME I The rise of...

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2/5/08 The Rise of the Market Economy (ME) I. The rise of the ME as a revolutionary break with the previous forms of socio-economic organization a. The organizational principles of the subsistence econ b. The organizational principles of the ME and the tensions arising out of them II. The role of the state and coercion in the consolidation of the national market a. Creation of the national markets and the simultaneous creation of the international economy the first globalization b. Local national international Any/all economies have to deal with tension btwn purpose of subsistence and purpose of profit making Grano – analysis of the nonmarket relations/institutions that make a free market operational Notion of Social Embededness o Pure market does not exist and never has o No relationship that is not subject to calculation and competition Market and non market organizations interlaced o Firms – non market o Social ties and customs – limit the workings of the market Show that a market economy is in fact a socially embedded economy Polanyi The birth of the ME signaled a dis-embedding of the market from society o The market becomes an end goal and makes society its servant If the society is supposed to adjust to the market, then what is the purpose of the market o This is the dis-embedding of the econ from the society
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Econ stops serving social purpose Not serves unclear purpose ME Logical to limit the market in one set of issues and preserve it in other areas o Reconcile the logic of all ares Gran – o A ME (in the west) has, through the creation of regulations of state, become re- embedded Implications of Polanyi’s Argument I. The rise of the market econ as a rev break with the previous forms of socio-econ org a. Irregularities of nature b. Communal compulsion/collectivistic attitudes prevail as a result of that basic fact of human life i.
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