Tag Archives: ‎market‬ ‪‎fundamentalism

Get free from the dogmas of the apostles of austerity: Fifteen Fatal Fallacies of Financial Fundamentalism

Just three days before he passed away, a notable Columbia University professor of economics William Vickrey was awarded 1996 Nobel Prize in Economic Sciences for fundamental contribution to the economic theory of incentives under asymmetric information. Throughout his prolific career, Vickrey developed methods … Continue reading

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The book of the year: “The Power of Market Fundamentalism: Karl Polanyi’s Critique”

In The Power of Market Fundamentalism: Karl Polanyi’s Critique Fred Block and Margaret R. Somers did a superb academic work, sagaciously encountering readers with a powerful intellectual legacy of Karl Polanyi through their insightful analysis of his writings, especially of his masterpiece … Continue reading

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What crisis? Everything must (not) change so that the IMF can remain the same.

During the last years, some economists at the International Monetary Fund (IMF)  have presented papers, that allegedly rejected several neoliberal ideas (on a range of issues, from fiscal policy to capital controls) which have been preached and enforced by its … Continue reading

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Karl Polanyi: “The market mechanism moreover created the delusion of economic determinism as a general law for all human society.. “

Karl Polanyi: “The market mechanism moreover created the delusion of economic determinism as a general law for all human society.. To attempt to apply economic determinism to all human societies is little short of fantastic. Nothing is more obvious to … Continue reading

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‘Free markets’ as a religious belief

Joseph Stiglitz: “The advocates of free markets in all their versions say that crises are rare events, though they have been happening with increasing frequency as we change the rules to reflect beliefs in perfect markets. I would argue that … Continue reading

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The Power of ‎Market‬ ‪‎Fundamentalism‬: Karl ‪Polanyi‬’s Critique — a must-read for every economic ‪sociologist‬ and political economist

As the eminent social scientist Karl Polanyi has stultified and debunked the erroneous ideas of economic determinism and market fundamentalism, Fred Block and Margaret Somers greatly contributed to the intellectual endeavor to manifest the ontological axiom of mutual embeddedness of State-Economy-Society … Continue reading

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