Robert Owen’s was a true insight: market economy if left to evolve according to its own laws would create great and permanent evils. - Karl Polanyi

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Robert Owen’s was a true insight: market economy if left to evolve according to its own laws would create great and permanent evils.

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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.

Biography information from Wikiquote

Also Known As

Native Name: Polányi Károly
Alternative Names: Károly Pollacsek Karoly Pollacsek Karl Paul Polanyi Polanyi Karoly
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Additional quotes by Karl Polanyi

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.

Ultimately, therefore, it is the relation of a class to society as a whole which maps out its part in the drama; and its success is determined by the breadth and variety of the interests, other than its own, which it is able to serve. Indeed, no policy of narrow class interest can safeguard even that interest well-a rule which allows of but few exceptions. Unless the alternative to the social setup is a plunge into utter destruction, no crudely selfish class can maintain itself in the lead.

By accident only, as we see, was European fascism in the 1920s connected with national and counterrevolutionary tendencies. It was a case of symbiosis between movements of independent origin, which reinforced one another and created the impression of essential similarity, while being actually unrelated.
In reality, the part played by fascism was determined by one factor: the condition of the market system.
During the period 1917–23 governments occasionally sought fascist help to restore law and order: no more was needed to set the market system going. Fascism remained undeveloped.
In the period 1924–29, when the restoration of the market system seemed ensured, fascism faded out as a political force altogether.
After 1930 market economy was in a general crisis. Within a few years fascism was a world power.

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