Abstract

POLANYI, Karl. Our obsolete market mentality. Rev.econ.inst. [online]. 2021, vol.23, n.45, pp.185-201.  Epub Aug 31, 2022. ISSN 0124-5996.  https://doi.org/10.18601/01245996.v23n45.09.

After Hiroshima and Nagasaki, Polanyi warned that the free market could destroy nature and the human species. Societies have combined three basic economic forms: redistribution, reciprocity and interchange. In the postwar period, the welfare state combined market and redistribution and improved living standards. In the 1980s, the market was given absolute primacy based on that it processes information and allocates resources better than human and that institutions must operate in the same way as the market, which came to be considered universal, eternal and omniscient. The results of leaving the solution of the problems created by the market to the free functioning of markets are tragic: the destruction of the natural world and the concentration of wealth have accelerated, and there are countless avoidable deaths and tragic losses of well-being. Today it is all the more necessary to create a new order that requires an inner freedom for which the market society has ill-prepared us.

Keywords : market; Liberalism; Marxism; hunger; wealth; JEL: E20, E52, E6.

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