Ones and Tooze Heterodox Economists: Karl Polyani
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Jul 25, 2025 Dive into the revolutionary ideas of Karl Polanyi, a key figure in critiquing self-regulating markets. Discover how his Jewish heritage and struggles shaped his views, and explore his belief that economic systems are deeply influenced by cultural and political contexts. The discussion challenges mainstream economic assumptions, advocating for a re-evaluation of how we conceptualize the economy. Join the conversation on the societal impacts of commodification and the urgent need to restore values within market dynamics.
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Polanyi's Life Shapes Ideas
- Karl Polanyi was born in 1886 in a prosperous Jewish family in Vienna and lived through the collapse of the Austro-Hungarian Empire.
- He experienced exile, academic struggle, and a modern dispersed career, influencing his views on embedded markets and society.
Markets Are Cultural Constructs
- Polanyi challenges the idea that markets are natural, arguing they're cultural constructs with their own belief systems.
- He compares British 18th and 19th century market ideology to a religion with priests like Ricardo interpreting its laws.
Totalizing Markets Fail Socially
- Polanyi argues totalizing markets become self-undermining because they turn essential elements like land and labor into commodities.
- This commodification causes social backlash and a metaphysical breakdown of people's belief in market systems.
