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Neoliberalism means “new liberalism.” It could be dated back to 18th century, but it is a term that belongs today. Since 1990, neoliberal rules gave many harmful effects, especially to developing countries, and those harmful effects have proceeded for labor class. As capitalism stands on its own feet, it can find solutions to regain profits. However, the concern may well be gaining too much profit gives harmful effects on a wide range of social classes. Neoliberalism is accepted as the tool...
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It is well known that Friedrich von Hayek’s The Road to Serfdom and Karl Polanyi’s The Great Transformation were written contemporaneously (between 1940 and 1943), that their authors propounded antithetical political ideologies (right-wing liberalism and left social democracy respectively), and that the two books revolve around a similar problematique: the causes of the collapse of liberal order in the interwar era. This chapter undertakes a detailed comparison of Hayek and Polanyi’s...
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The crisis of the institutions of liberal capitalism dates back to the last decades of the nineteenth century. Economics was thenceforth forced to radically reconsider its achievements and even its basic presuppositions, to the extent that they were linked to a free-market and perfect-competition model.
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In Property Economics: Property Rights, Creditor’s Money and the Foundations of the Economy - Metropolis-Verlag, 2008.
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This is a book chapter from: The Social Generative Action of the Third Sector – Comparing International Experiences Edited by H. K. Anheier; G. Rossi, L. Boccacin, 2008, Vita e Pensiero, Milano
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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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This chapter examines Karl Polanyi's critique of formalism in economics and his case for a more institutional economics based upon a reconstitution of the facts of economic life on as wide an historical basis as possible. The argument below reviews Polanyi's argument with regard to the relation between economic anthropology and comparative economics, the contrast between the formalist and substantive approaches to economic analysis, the notion of an economistic fallacy, the most important...
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The history of modern economic thought has been pre-occupied with the question of economic transformation or development. This survey of important contributions to the economics of development includes many economists not normally considered as pioneers in this field. The contributors point to the role of imperialist considerations in the early development of economic thought and the development discourse, and the impact of pressures for social and political reform. The economists and...
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KM: a section focuses on Polanyi's analysis of the social and political construction of markets and of "market society" in Europe, and then discusses the extent to which this type of analysis can be applied to the formation of global markets in the late twentieth century. It then looks at gender dimensions and the tension between the assumptions of economic rationality associated with market behaviour and the real-life experiences of women and men. Beneria then extends this analysis to the...
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Substantivism stemmed from the writings of Hungarian lawyer-turned-historian Karl Polanyi, who argued that capitalism is a historically unique kind of economy that is disembedded from the social matrix. By implication, the socially embedded pre-capitalist economies studied by anthropologists, historians and classicists cannot be understood using the formal economics developed to analyze capitalist economies. Rather, new tools for analysing their 'substantive' economies must be employed....
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This chapter examines Polanyi’s institutional theory of market-capitalist society. It shows that market society is, according to Polanyi, a peculiarly “economic” society: its economy appears both autonomous and dominant, constraining the structure and evolution of other social subsystems. The chapter also demonstrates that Polanyi’s theory and method allow an explanation of the institutional transformations of market society. In the face of today’s great economic difficulties, social...
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The chapter reconstructs the emergence and formulation of Karl Polanyi's central research question: How is responsible freedom possible in a complex modern society? The origins of this question in the time before the First World War and the confrontations with the challenge of neoliberalism and fascism are discussed. It is shown that Karl Polanyi's concept of freedom has four dimensions. Polanyi connects negative, positive, substantial and social freedom with each other and formulates a...
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The chapter reviews aspects of the possible transformation of the financial system into a banking complex, that comprises both embedded Too Big to Fail (TBTF) financial institutions and disembedded ones. The transformation of the financial system into a two-tier banking complex is the result of the disconnection of the TBTF embedded institutions and the right size to fail disembedded financial institutions. The chapter revises the scope and consequences of this change on the monopolization...