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Tag Archives: market fundamentalism
Polanyi’s Prescience: Covid-19, Market Utopianism, and the Reality of Society
by Margaret Somers and Fred Block * One of Karl Polanyi’s fundamental concepts is ‘the reality of society’, a term he uses in The Great Transformation (TGT) (Polanyi 1944/2001) to contest the idealised model of the autonomous self-regulating market. Modern … Continue reading
Posted in Community members posts
Tagged market fundamentalism, COVID-19, healthcare, Karl Polanyi, neoliberalism, state, United States
2 Comments
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 the 1996 Nobel Prize in Economic Sciences for fundamental contribution to the economic theory of incentives under asymmetric information. Throughout his prolific career, Vickrey … Continue reading
Posted in Papers
Tagged austerity, market fundamentalism, debt, economics, fiscal sociology, inflation, neoliberalism, policy, unemployment
2 Comments
The Best Book in Economic Sociology and Political Economy for 2014: ‘The Power of Market Fundamentalism’ by Block and Somers
In The Power of Market Fundamentalism: Karl Polanyi’s Critique Fred Block and Margaret R. Somers did a superb scholarly work, sagaciously encountering readers with a powerful intellectual legacy of Karl Polanyi through their insightful analysis of his writings, especially of his … Continue reading
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
Posted in Papers
Tagged market fundamentalism, crisis, economics, fiscal policy, global governance, IMF, monetary policy
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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
Posted in Books, Papers
Tagged market fundamentalism, books, Economic Sociology, Karl Polanyi, Political economy
1 Comment
Joseph Stiglitz: ‘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