Pi̇yasa: Adam Smith Versus Karl Polanyi̇

In this study author will try to make comparative analysis of Adam Smith and Karl Polanyi's ideas about market. According to Smith market is a mechanism which allocating resources through invisible hand. Contrary to Smith, Polanyi, asserts that a market is a intervention style to economy. Intervention is an inherent property of market. In the first part of this study Adam Smith's opinions about market which assings limited duty to state and defends social interest will come true through invisible hand will be examined. Second part will concentrate on Karl Polanyi's arguments against appear of market society and market economy. At the end of the study, the author has tried to analyse two different market conceptualization and to assert how well this approaches to understand our times. (English)