Sunday, June 21, 2015

Karl Polanyi Explains It All


Karl Polanyi, image via concordia.ca
Libertarian economists, who treat the market as universal—disengaged from local cultures and historic time—are fanatics whose ideas end in tragedy. Their prescription means “no less than the running of society as an adjunct to the market. Instead of economy being embedded in social relations, social relations are embedded in the economic system.”

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