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This article discusses a renewed interest in the work of scholar Karl Polanyi and the incorporation of his work into the body of institutional economics. This article discusses the notion of time in Polanyi's work and how it differs from the metaphor of time inherent in neoclassical economics. The author discusses the definition of the word "primitives" and its relationship to social policy, and how Polanyi deployed the actual state of primitives in order to replace the economistic...
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This article discusses the relationship among economic constraints, social reform and societal pressures for a humane society, drawing on the insights of scholars Karl Polanyi and Herbert A. Simon. One of the key issues in Polanyi's work is the divergence between economic and societal values in modern capitalism. The divergence leads to a reaction against the rationale of the market and to what Polanyi refers to as the double movement. The distinction between internal consistency and...
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The originality of Karl Polanyi's (1886-1964) work in the interwar period and his work in the 1950's has gained increasing recognition in recent years, during which time the major debate on modernity has erupted. In order to link Polanyi's work with this debate, the article first discusses his legacy on the controversial concept of progress and then relates his position to this debate. Polanyi's position combines the better aspects of the two rival approaches to modernity. The article then...
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This paper is based on the idea that the early debate on economic calculation in a planned economy conducted in Vienna among Neurath, Mises, and Polanyi (1919-1925) was the starting point for the development of a particular form of heterodox economic theory propounded by liberal thinkers like Mises and by socialists like Neurath and Polanyi. Mises claimed that solving the problem of calculation was impossible, and consequently that a centrally planned economy was not theoretically feasible....
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Abstract: Mirowski''s justification for replacing the foundational principles of neoclassical economics – methodological individualism and rational choice theory – with a theoretical framework informed by cybernetics, information theory, and computational biology, is subject to a critique informed by the work of Karl Polanyi, Michel Foucault and Jürgen Habermas. Mirowski''s proposed alterative is called into question on the basis of two crucial weaknesses. First there is Mirowksi''s penchant...
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The article examines the renewed interest in heterodox political economy. Institutionalists, post Keynesians, neo-Marxists, and feminists among others, and various sub-groups provide schools of thought on heterodoxy. The guidelines of institutional-evolutionary political economy (IEPE) are offered alongside socioeconomic analysis and complexity theories. The author outlines the conflict of individual v. structure. Other topics covered include social capital, heterogeneous agents, financial...
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Using Karl Polanyi's analysis of the separation of politics and the economy, the book argues that the market economy is not a spontaneous process, but a...
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Freewheeling capitalism or collectivist communism: when it came to political-economic systems, did the twentieth century present any other choice? Does our century? In Third Ways, social historian Allan Carlson tells the story of how different thinkers from Bulgaria to Great Britain created economic systems during the twentieth century that were by intent neither capitalist nor communist. Unlike fascists, these seekers were committed to democracy and pluralism. Unlike liberal capitalists,...
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The postwar reconstruction of domestic and international orders ushered in a new political economy of capitalism. It entailed a far-reaching reorganization of social relations and economic institutions and accorded to the state an important role in the management of the economy. Many of the institutions of classical liberalism were displaced by interventionist mechanisms. The welfare state consolidated and extended multifarious forms of protection accorded to labor. A new level of...
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INTRO: This paper is a plea for greater cognizance of the errors of omission and commission committed by mainstream health economics, and the potential orientation in treating health and health care as (metaphorical) commodities that the unfettered influence of health economics may be prompting. Economic criticisms of mainstream health economics are evident, especially in the collection edited by John Davis (2001), but tend to be rather fragmented and lacking in credibility with our...
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This paper is an attempt at developing an analytical framework that could be helpful to understand the unstable character of the capitalist society, by drawing upon the work of four important thinkers: Marx, Weber, Schumpeter, and Polanyi. It is argued that all four share a similar vision towards capitalism, and that they are all indispensable for the thesis that the working of capitalism undermines its own institutional structure, and thus make the reproduction of the capitalist society a...
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