Poli Sci 111 - 5 - Poli Sci 111 5 19:29 Building Blocks of...

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Poli Sci 111 - 5 19:29 Building Blocks of the Modern World Karl Polanyi: State Regulated Growth Critique of Economic Liberalism No self-regulated mechanism (no invisible hand) Market has a tendency to self-destruct Short-term Growth vs Sustainable Growth Myth of Self-Regulation State needs to regulate the rate and direction of growth: “A belief in spontaneous progress must make us blind to the role of government in  economic life. This role consists often in altering the rate of change, speeding it up or  slowing it down as the case may be…” 37 Role of the State in Polanyi Promotes Market Activity – Similar to North’s argument Undermines Market Activity – Regulates (he means literally to regulate, slowing down  the market) Destructive Tendencies Destructive Tendencies of the Market The Commodity Fiction Land, Labor and Money Perishable Commodities The human factor
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This document was uploaded on 10/31/2011 for the course POLI SCI 111 at UMass (Amherst).

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Poli Sci 111 - 5 - Poli Sci 111 5 19:29 Building Blocks of...

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