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The social protests ort the streets of indebted sovereigns in crises across the Eurozone have made debt restructuring an imperative. Further delay in achieving this expeditiously and equitably significantly exacerbates the social costs of crises from which current and future generations will struggle to recover. This article examines the feasibility of the drastic and widespread debt restructuring needed to resolve the problem in the face of existing private law sanctions that protect...
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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...
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This paper aims to clarify the logical structure of Karl Polanyi's concept of institution, especially with regard to his most important contribution to political economy—the conception of self-regulating markets as institutions. Although Polanyi did not provide a well-developed concept of institution, this article argues that such a concept exists in his work. Moreover, there is in Polanyi's work a sophisticated institutionalist account of the self-regulating market that has been largely...
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In this article I revisit Karl Polanyi's writings on ancient Mesopotamia. I begin by situating them in the context of his general approach to trade, markets and money in the ancient world. Next, I reconstruct his major theses on Mesopotamia, drawing upon his published works as well as unpublished documents in the Karl Polanyi and Michael Polanyi archives. Finally, I provide a critical assessment of the merits and demerits of his contribution, with reference to Assyriological research...
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This article challenges some fundamental propositions of property rights theory by revealing the inability of new institutional economics to fully grasp the notion of property, as reflected in its narrow and problematic definition of property rights. The concept of property relations is proposed as better suited to capture the social and institutional aspects of property. By reconsidering the case of the Montagnais, originally used by Alchian and Demsetz for illustrative purposes, and...
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As the environmental debate has intensified, post-Keynesians, Regulationists and Polanyians remain relatively silent. All treat time as historical, consider economic issues subordinate to politics and have plenty to say about growth, institutions, uncertainty, and path-dependent events. These concepts seem pertinent to understanding the economic-environment problematic. This article explores the 'environmental potential' of these three heterodox economic traditions. We examine the conception...
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Using the work of Karl Polanyi as its axis, this study attempts to sketch a criticism of economicism and of the society that produces it, a society launched on a historical cultural path that may well be understood as a gradual economic totalization of human life. That is the critical path which will be posed here, if only in an embryonic manner.