Many years ago Sam Beer had us teach Polanyi’s The Great Transformation in connection with the Industrial Revolution. I have never seen an adequate rebuttal.
The ‘Market Economy’ is a fiction and a human failure, that has always required Govt to maintain it.
Stigiitz has written an intro everyone should read – both at:
One of the twentieth century’s most thorough and discerning historians, Karl Polanyi sheds “new illumination on . . . the social implications of a particular economic system, the market economy that grew into full stature in the nineteenth century.”-R. M. MacIver
”The true answer to the threat of bureaucracy as a source of abuse of power is to create spheres of arbitrary freedom protected by unbreakable rules.” Karl Polanyi
Karl Reisman ”If industrialism is not to extinguish the race, it must be
subordinated to the requirements of man’s nature. The true criticism of market society is not that it was based on economics–in a sense,
every and any society must be based on it–but that its economy was based on self-interest. Such an organization of economic life is entirely
unnatural, in the strictly empirical sense of exceptional.” Karl Polanyi
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