Market economy implies a self-regulating system of markets;… - Karl Polanyi

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Market economy implies a self-regulating system of markets; in slightly more technical terms, it is an economy directed by market prices and nothing but market prices. Such a system capable of organizing the whole of economic life without outside help or interference would certainly deserve to be called self-regulating. These rough indications should suffice to show the entirely unprecedented nature of such a venture in the history of the race.

Karl Polanyi

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About Karl Polanyi

Karl Paul Polanyi (October 25, 1886 – April 23, 1964) was a Hungarian-American economic historian, economic anthropologist, political economist, historical sociologist and social philosopher.

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Also Known As

Native Name: Polányi Károly

Alternative Names: Károly Pollacsek • Karoly Pollacsek • Karl Paul Polanyi • Polanyi Karoly

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Originators like Karl Polanyi:

Friedrich Hayek Edward Bellamy Ludwig von Mises Eric Roll, Baron Roll of Ipsden Robert Heilbroner

Additional quotes by Karl Polanyi

And yet, Burke might have countered, once the masses were fated by the laws of political economy to toil in misery, what else was the idea of equality but a cruel bait to goad mankind into self-destruction?

Where markets were most highly developed, as under the mercantile system, they throve under the control of a centralized administration which fostered autarchy both in the household of the peasantry and in respect to national life. Regulation and markets, in effect, grew up together.

The congenital weakness of nineteenth century society was not that it was industrial but that it was a market society. Industrial civilization will continue to exist when the Utopian experiment of a self-regulating market will be no more than a memory.

Market economy implies a self-regulating system of markets; in slightly more technical terms, it is an economy directed by market prices and nothing … - Karl Polanyi

About Karl Polanyi

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