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What is Polanyi about?

Karl Polanyi disagreed with defining economics as the efficient use of scarce resources, believing the economy is an institution for meeting material needs through interaction with the environment. Polanyi argued that modern markets are a recent institutional arrangement where price-making is necessary to have a market. He used an embedded approach to suggest economies are embedded in social relations rather than social relations being embedded in economies. Polanyi traced the origin of modern capital marke

Author

Yujin Kay

Language

EN