Tag Archives: ‎market‬ ‪‎fundamentalism

Polanyi’s Prescience: Covid-19, Market Utopianism, and the Reality of Society

Posted on October 16, 2020 by

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 →

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

Posted on August 15, 2015 by

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 →

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

Posted on December 21, 2014 by

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.

Posted on September 25, 2014 by

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.. “

Posted on June 30, 2014 by

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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Joseph Stiglitz: ‘Free markets’ as a religious belief

Posted on June 11, 2014 by

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

Posted on May 19, 2014 by

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 embeddedness of State-Economy-Society in their important … Continue reading →

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