Inherent contradictions in market economy from "summary" of The Great Transformation by Karl Polanyi
The market economy, with its emphasis on profit-making and competition, contains inherent contradictions that can lead to social dislocation and upheaval. This system, based on the principles of supply and demand, tends to commodify all aspects of life, including labor, land, and money. However, this commodification can have negative consequences for society as a whole.
One of the main contradictions of a market economy is the tension between economic efficiency and social stability. While the market is efficient at allocating resources and maximizing productivity, it can also lead to inequality and exploitation. In a purely market-driven society, those with wealth and power can dominate and exploit those without, leading to social unrest and conflict.
Another contradiction lies in the commodifi...
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