Market economy not separate from society from "summary" of The Great Transformation by Karl Polanyi
In a market economy, the prevailing idea is that economic activity is separate from society, operating independently according to the laws of supply and demand. However, this notion is fundamentally flawed. The reality, as Karl Polanyi argues, is that the market economy is deeply intertwined with society. Economic activities do not occur in a vacuum; they are conducted by individuals who are part of a larger social structure. People engage in economic transactions not only to satisfy their material needs but also to fulfill social and cultural obligations. These transactions are embedded within a broader social context that shapes and influences economic behavior. Moreover, the functioning of a market economy relies on a set of social institutions and norms. These institutions, such as prop...
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