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SOCI 307 (17)
Lecture 4

Lecture 4- Polanyi.pdf

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Department
Sociology (Arts)
Course
SOCI 307
Professor
Zygmunt Mochnacki
Semester
Fall

Description
Finishing Up from Last Lectureif you take inequality into the context of GDP the picture of increasing wealth in Bangladesh gets much more problematic the issue of responsibility in this incidentfactory ownerscorporate brandsconsumersgovt question of fact who has the power to shape those conditions to what degree does each group have power in this situationthink in terms of a political institutional approach The Great Transformation 1944 by Karl Polanyiseminal work on eco and socsocial theoryinstitutional basis of economic actiondeparture from both classical economics and Marxismclassical economicsall individuals that engage in eco do so in the same profitseeking mannerMarxismthe relations of production determine the pol superstructure the institutional basis of Polanyi challenges both because how market and production is organized is determined first by the social and pol institutionssocial historyconstruction and collapse of intl eco system under the gold standard UKpol and ideology of marketbuildingsystemic account of intl trade and development it provides an account of natl eco development saying how they developed was highly dependent on where that eco stood in the intl system dependent on other economies outside the natl boundaries challenges more organic or evolutionary notions of how markets develop a testament of its timelanguage evokes mood and beliefs at basis of BrettonWoodsA social transformation of planetary range is being topped by wars of an entirely new type in which a score of states have crashed and the contours of new empires are emerging out of a sea of blood 4Why Read Polanyi TodayStiglitz introduction potent critique of market fundamentalism and idea of selfregulating marketunregulated markets inherently unstable and detrimentaltype of policies and policy outcomes that come from this ideamarkets that are unregulated are bad for the societies they belong tothey damage and are highly volatile Polanyi truly free markets for labour or goods are a fictionyou can look at the liberalist intl economy of the 19thC and take lessons to apply to the neoliberal paradigms of the 1990s and early 2000s no such thing as a free market free of institutions Stiglitz past lessons applied today capital controls critiques the neoliberal model of globalization history reveals building blocks of contemporary systemtheory a gateway to an institutional approachconcept of embeddednessthe sociopolitical determinants of markets1 social relationsmarketsreligion family church etc2 institutions as constraining behaviour in market The SocioEmbeddedness of Marketskey question to what degree is the institutional logic of markets constituted autonomously from social needs cultural norms and pol valuesPolanyimarket institutions need to be primarily build in light of social needs and moral not economic gainwhen market behaviour becomes disembedded from its social context social dislocation and disintegration ensueand we get situations like Bangladesh factory collapse thats when you have calamities and social dislocation and disintegration Stiglitz says we can think of the idea of social capital
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