The Political Economy Of Capitalism - Marx, Smith, Hayek, O'connor, Lindblom, Olson, Polanyi And Keynes

NameInstitutionInstructorCourse codeThe Political Economy capitalism-Marx , Smith , Hayek , O Connor , Lindblon Olson , Polanyi and KeynesAnswer to question 1Polanyi was iodin of the sparing sociologists who were for introduction of social welfare . Polanyi saw the unshackled commercializes as the cause of social and economic problems . The unfettered food market undermine social while also causing economic breakdown and paving way for dictatorship . In his work out , Polanyi asserts that market economy and the state should be understood as one unit invented by human-referring this as Market club . This means that a competitive market needs salutary state to mitigate its failures and correct social and economic inequalities . radical to capitalism negative effects would be attained by dint of destruction of basic historical social .

Basing his argument on Speenhamland laws which were meant to help poor rural population in England , through out door relief , he asserted that this was altogether a way of preserving historic social s and handed-down production systems . Social classes testament continue to exist and income disparities will widen . Polanyi did not support classical economist cl intents that market can ensure smooth flow of the economy . capitalist economy encouraged social classes of the rich and poor . Capitalist aim was to accumulate profit through exchange transaction in the market . So it is market based ideology . consort to him this will results into social dislocation . He claimed that self-importance set market separates society into political and economic realms . It is this tendency of self regulating market to separate itself from the society...If you want to get a full essay, order it on our website: Orderessay

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