Market driven by profit motives from "summary" of The Great Transformation by Karl Polanyi
One of the fundamental aspects of a market economy is the driving force of profit motives. In a market system, individuals and businesses are motivated to engage in economic activities with the primary goal of maximizing their profits. This profit-driven mentality shapes the behavior of market participants, influencing their decisions and actions in the pursuit of financial gain. The pursuit of profit is a powerful force that can lead to innovation, efficiency, and economic growth. When individuals and businesses are incentivized to seek profits, they are motivated to find ways to produce goods and services more efficiently, lower costs, and increase productivity. This drive for profit can result in the development of new technologies, business practices, and products that benefit society as a whole. However, the profit motive can also have negative consequences. In the quest for higher profits, individuals and businesses may engage in unethical or exploitative practices, such as cutting corners on safety standards,...
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