SOCI 254 Lecture Notes - Lecture 7: Andre Gunder Frank, Protestant Work Ethic, Second Industrial Revolution
8 May 2017
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Document Summary
Markets reflect choices, and this choice/freedom is essential to development. Comes from the human propensity to look for self-gain maximization. Thus the market is neutral and results in efficient outcomes. Too much impetus on human liberty, liberalism made the market the most important institution. According to polanyi, liberalism discounts other traits/values like redistribution, reciprocity, etc. Karl marx said this was normalized as private motivation for a naked cash nexus . Identifying development with economic growth and rising consumption privileges the market as the main vehicle of social change. Underlying philosophy that markets maximize individual preferences and allocate resources efficiently. He believed, however, that markets needed to be controlled by moral sentiments and relations that govern and constitute society. Hegel and marx through the state was indispensible for correcting and opposing corrosive market forces. Proved state can play a role (but at what cost?) To revive the economy after the depression policymakers looked to keynes" ideas of government intervention.
