CAS320H1 Lecture Notes - Lecture 4: Karl Polanyi, John Maynard Keynes, Minimum Wage Law
24 May 2016
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He moved to united states in 1940 taught at columbia university. He did not have a secure position like lecture. Polanyi commute he died in 1964 in toronto bathurst and dundas. Free market short or long automatically providing reach. 2009 our prof came to u of t. Decline rapidly after soviet break down end of the cold war. Market economy implies a self-regulating system of markets. It is an economy directed by market prices and nothing but market prices. It is a system capable of organizing the whole of economic life without outside help or interference p 43. A market economy is an economic system controlled, regulated, and directed by markets alone; order in the production and distribution of goods is entrusted to this self-regulating mechanism. An economy of this kind derives from the expectation that human beings behave in such a way as to achieve maximum monetary gains. p 68.
