econ 80a lecture 10

econ 80a lecture 10 - POLANYI-Major work The Great...

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POLANYI --Major work, The Great Transformation (written in the early 1940s, under quite similar circumstances as those of Hayek age, experience, and concerns but with a 180 degree twist) --Polanyi, unlike all previous writers we ve considered, was an economic- anthropoligist , and as such, sought to understand capitalism, not as an isolated system , but in context i.e., with respect to both history, and across cultures this is contrast with all other authors discussed throughout the quarter and provides the opening for Gray s False Dawn=>issues are the same (locus of change the nation for Polanyi, the globe for Gray --Thus, his sees Western Capitalism as a sliver in both time and place (perhaps less with respect to the latter with today s globalization ) --The Great Transformation as a documentation of the rise of laissez-faire capitalism---from 1750-1850, and its demise in Europe and America in the 1930s and 40s ..i.e., his ability a prediction not much better than Smith, Marx, Keynes, Hayek, O'Connor .(Lindblom and Hirschman describing rather than predicting) In his analysis of capitalism, viz. a viz. other societies (past and present), the unique aspect is the fact that the economic system is dominant (a la Marx); economics is vital, but in all other cultures, he argues that the economic system is embedded within the dominant aspects of society, i.e., a vital part of the society, not the reverse this is particularly true with respect to the establishment of markets in land and labor the two essential elements that make up human societies to subject these two elements to the whims of the market creates a system that is essentially inhuman, intolerable, and unattainable among the destructive elements of capitalism is its encouragement of self-interest (see Olson on the same point). . and Polyani seeks a return to more humane values. .
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econ 80a lecture 10 - POLANYI-Major work The Great...

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