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Key Theories of Market Society


             Polanyi builds his argument by defining the foundation for free market economies. In order for a freer market economy to take place, a system of regulations needed to be placed in order to be able to govern the market based on competitive forces rather than social norms. This facilitates the freeing up market economies with greater allowance for competitive forces to determine prices. Polanyi describes argues that this is essentially a utopian ideal that is sought after. In reality, he theorizes there will fail to exist a market economy that consists of a completely self-regulating markets in which prices are completely free to be determined by competitive forces of supply and demand, and is free from any social institutional influences. Polanyi postulates the "double movement" that will exist in the real economic world as a counter-balance in response to this this free – market liberalism system. He states this is societal reaction spontaneously arises as a form of self-preservation and regulation to counteract the negative consequences of freer markets. Polanyi argues that negative consequences are inevitable from pursuing this utopian ideal as a struggle for resources in a resource-scarce world will ultimately lead to demise of nature and effectively human society. This presents a surprisingly relevant model that can be applied to economies of today. The negative consequences, Polanyi brings to attention that it may ultimately lead to a monopoly of the marketplace. Polanyi highlights the need from protecting the economy of creating conditions where one can ultimately dictate the price at its own accord, whilst competitive supply drops off or where the monopolist can become the sole demander for production (Polanyi; 1994). Similarly an oligopoly where there is only a small select number of companies providing a specific service, price can become very uncompetitive and does not necessarily reflect the needs and wants of the consumer.


Essays Related to Key Theories of Market Society

1. A Comparison of Marx and Durkheim's Theories of the Structure of Modern Society

In this short analysis, I will attempt to compare and contrast Marx's and Durkheim's theories on the structure of modern society. ... This division represents another of Marx's key elements of modern society namely, alienation. ... Social stratification also played a key role. ... In analyzing Durkheim's theory of modern society, I will begin with the focal point of it, namely solidarity. ... Although the two theories differ in this aspect, there is striking similarity in the theories" concepts of alienation and anomie. ...

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2. International Political Theories

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3. Social Justice and Democracy

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4. The Great Crash

Although there are many different theories as to who or what caused the crash, author John Kenneth Galbraith impressively backs up his theories through his novel The Great Crash: 1929. He points out that the five key reasons for this disaster were because of bad distribution of income, bad corporate structure, bad banking structure, questionable foreign loans, and weak economic intelligence. ... Much like the Harvard Economic Society, Irving Fisher, a well rounded economist and statistician, expressed his concern with the ever so rising stock prices. ... For months preceding the crash, The ...

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5. Diffusion of Labor Standards in Africa

This thinking brought in the issue of macro-theories of structuralism which looked at employment relations as being affected or influenced by the structure of the society in which organisations exist. ... Significance of the Study It contributed to existing Foreign Direct Investment (FDI) literature in two ways namely, it provided evidence contrary to the convergence theory which states that economic integration induces countries to adopt common standards across firms (Berger, 1996). ... Better labor standards due to labor market competition. ... Critique Although the authors noted key terms l...

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6. Globalization and Drug Trafficking

Theories Illicit drug trafficking can retard the economic, political, and social development of LDCs. ... The Dependency and the World-System Theory presents the best explanations for the global drug trafficking issue. ... The emphasis placed on such theories focuses on Karl Marx's theory of the global economical relations and how it becomes conflicting with politics while exploiting society.   ... The world-system theory predicts that raw materials would be exchanged at low prices from the peripheral to the core. ... Globalization exploits LDC, as the dependency theory would argue tha...

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7. DurkHeim and Conflict Tradition

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  • Grade Level: High School

8. Theories of Corporate Social Responsibility

Thus, in competitive market of today's business environment, corporations are opposed with a new set of non-finances related challenges. ... These two theories have been emerged after the broader political economy theory (Gray et al. 1996; Deegan, 2002). ... Legitimacy Theory According to Wheeler, D., Fabig, H., & Boele, R. (2002) this theory argues that a company will carry out its operations in such a way that they perceived to be legitimated by the society within which they run business. According to legitimacy theory, the company and society has a mutual social contract. ... Stakehol...

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