Double movement between market and society from "summary" of The Great Transformation by Karl Polanyi
The double movement between market and society is a fundamental concept that underpins the dynamic relationship between economic forces and social institutions. This concept highlights the tension that arises when unregulated market forces encroach upon social structures, leading to a backlash from society in the form of protective measures and regulations to safeguard against the disruptive effects of the market.
As markets expand and penetrate into various spheres of society, they often come into conflict with established social norms, values, and practices. This clash between the logic of the market, which prioritizes efficiency and profit maximization, and the social fabric, which emphasizes solidarity and collective well-being, creates a need for intervention to prevent the erosion of social cohesion and stability.
In response to the negative consequences of unchecked market forces, society mobilizes to counteract the harmful effects through a series of protective measures, such as labor laws, social welfare programs, and environmental regulations. These interventions aim to mitigate the social dislocations caused by the market, ensuring that economic activities are conducted in a manner that upholds the broader interests of society.
The double movement reflects the cyclical nature of the relationship between market dynamics and social institutions, as each side responds to the actions of the other in an ongoing process of adaptation and negotiation. This dialectical interplay between market forces and societal constraints shapes the evolution of economic systems and social structures, with each side influencing and shaping the other in a continuous feedback loop.
By recognizing the double movement between market and society, we gain a deeper understanding of the complex interactions that shape our economic and social reality. This concept serves as a reminder of the delicate balance that must be maintained between market mechanisms and social values to ensure a sustainable and equitable society for all.
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