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Even capitalist business itself had to be sheltered from the unrestricted working of the market mechanism. This should dispose of the suspicion which… - Karl Polanyi
" "Even capitalist business itself had to be sheltered from the unrestricted working of the market mechanism. This should dispose of the suspicion which the very term “man” and “nature” sometimes awaken in sophisticated minds, who tend to denounce all talk about protecting labor and land as the product of antiquated ideas if not as a mere camouflaging of vested interests.
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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
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Karoly Pollacsek
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Karl Paul Polanyi
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Polanyi Karoly
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Additional quotes by Karl Polanyi
Pauperism, political economy, and the discovery of society were closely interwoven. Pauperism fixed attention on the incomprehensible fact that poverty seemed to go with plenty. Yet this was only the first of the baffling paradoxes with which industrial society was to confront modern man. He had entered his new abode through the door of economics, and this adventitious circumstance invested the age with its materialist aura. To Ricardo and Malthus nothing seemed more real than material goods. The laws of the market meant for them the limit of human possibilities. Godwin believed in unlimited possibilities and hence had to deny the laws of the market. That human possibilities were limited, not by the laws of the market, but by those of society itself was a recognition reserved to Owen who alone discerned behind the veil of market economy the emergent reality: society. However, his vision was lost again for a century.
In the half-century 1879–1929, Western societies developed into close-knit units, in which powerful disruptive strains were latent. The more immediate source of this development was the impaired self-regulation of market economy. Since society was made to conform to the needs of the market mechanism, imperfections in the functioning of that mechanism created cumulative strains in the body social. Impaired self-regulation was an effect of protectionism.
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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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