Market economy as instrument of power from "summary" of The Great Transformation by Karl Polanyi
The market economy, as a mechanism for coordinating human activities, is not a natural phenomenon but rather a human invention. It operates according to certain principles and rules established by society. The market, in essence, is a tool that can be used to achieve various ends, including the concentration and distribution of wealth and power. One of the key aspects of the market economy is its ability to concentrate power in the hands of a few individuals or groups. This concentration of power can have far-reaching consequences for society, as those who control the market also control the resources and opportunities available to others. In this way, the market economy becomes an instrument of power, enabling certain individuals or groups to exert influence and control over the lives of others. Moreover, the market economy can be manipulated to serve the interests of those in power. By shaping the rules and regulations that govern the market, those in positions of authority can tilt the playing field in their favor, ensuring that they maintain control over the system. This manipulation can further consolidate their power and influence, creating a cycle of wealth and power that is difficult to break. In this sense, the market economy is not simply a neutral mechanism for allocating resources, but rather a powerful tool that can be wielded to achieve specific ends. Those who control the market have the ability to shape the economic and social landscape in ways that benefit themselves, often at the expense of others. As such, understanding the market economy as an instrument of power is crucial for grasping the dynamics of modern society and the forces that shape our lives.
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