Emergence of Market Society

analytical Essay
1722 words
1722 words

The market today has become so important that society takes it as completely natural. From “The Economic Problem” Heilbroner describes three main solutions, with the market being one. Furthermore into the market, Polanyis book “The great Transformation” gives insight on how much society actually allows the market to dominate. To Polanyi a market society is seen as social relations embedded in the economy instead of the economy being embedded in social relations. Examining both of these books gives a great understanding on how life was without the market and how it came to be. Taking note of Rineharts work as well on how the workplace has drastically been changed by the market is key to analyzing the transformation as a whole. As a result of the transformation, not only has human labour been altered, but another author known as Weber states that certain peoples view on the world have also be affected. This essay will establish how “the great transformation” (Polanyi) from a traditional society to one based on a market economy has vastly impacted societal workplaces, and societal beliefs around faith of idealogical conditions.
The main objective of this essay is to understand how market society emerged, but first the defintion and characteristics of a market society must be understood. According to Polanyi, “Market economy implies a self-regulating system of markets.... it is an economy directed by market prices and nothing but market prices”(Polanyi 43). Similarily, Heilbroner explains how the market “allows society to ensure its own provisioning”(Heilbroner 12). Both of these explanations describe how the market economy is self regulated, meaning that this “economic system is controlled, regulated and directed by markets alone...

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...d how mode of production was replaced by large corporate and government organizations. In short, an institutional pattern as such would not function in society unless somehow society was overpowered by demands or conditions.

Works Cited

Heilbroner, Robert. "The Economic Problem." The Making of the Economic Society. Englewood Cliffs: Prentice Hall, 1993. pp. 1-15
Polanyi, Karl. "Societies and Economic Systems," "The Self Regulating Market and Fictitious Commodities: Labour, Land, and Money." "The Great Transformation. Boston: Beacon Press, 1957. pp. 43-55, 68-75
Rinehart, James W. "Alienation and the Development of Industrial Capitalism in Canada." Solutions to Alienated Labour." The Tyranny of Work. Toronto: Harcourt Brace, 1996 pp.23-60, 153-156
Bendix, Richard. "Aspects of Economic Rationality in the West." Max Weber. New York: Anchor Books, 1962, pp. 49-79

In this essay, the author

  • Analyzes how polanyi's book "the great transformation" gives an understanding of how life was without the market and how it came to be.
  • Explains how the market economy is self-regulated, meaning that it is controlled, regulated and directed by markets alone.
  • Analyzes how commodifications added value to all types of materials, which in fact devalued things. market society developed as people began searching for work outside what families had been doing for centuries.
  • Explains how heilbroner's traditional and command economy are useful for economic problems. the transition to a market economy seemed easy as it ensured its own provisioning.
  • Analyzes how the market has made the most impact on society by creating a facade that the only way to live is in market economy.
  • Explains how the transformation into industrialization and forming of workplaces is an important part of the structure of today's market society.
  • Explains that economic incentive became the primary motivation for organizing production and workers. with the new workplace came new values, such as valuing economic labour.
  • Explains that hard work is seen as a duty and something that carries its own intrinsic reward, but in early protestantism work was valuable in itself similiar to capitalism.
  • Explains that calvinism views the human body as ungodly and wretched because naturally people enjoy comfort and satisfaction which can make workers want to work less.
  • Explains that material conditions gave rise to market society through production and exchange. the internal contradiction of capitalism was the double movement.
  • Describes heilbroner, robert, and the making of the economic society.
  • Opines that karl polanyi, "societies and economic systems," and "the self regulating market and fictitious commodities: labour, land, and money." the great transformation.
  • Explains rinehart, james w., "alienation and the development of industrial capitalism in canada." the tyranny of work.
  • Explains that bendix, richard, and max weber, "aspects of economic rationality in the west."
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