ECON 001A Lecture Notes - Lecture 12: Karl Polanyi, Jury Tampering, Industrial Revolution
19 May 2020
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Document Summary
Economics at the end of ww2 described - the results seen today. Adam smith and milton friedman are liberals that are studied because of the differences in their ideas resulting from observing different periods of time. Karl polanyi is a contemporary of milton friedman with different views. As world war 2 ended: economic, political, physical, and ideological changes were becoming concrete and a new era formed: polanyi describes what happened. Polanyi states that in the 19th century, conventional/precedented and insightful ideologies were replaced by a more utilitarian line of thought, as people stated disregarding the consequences, focusing only on growth/wealth. They were reassured by notions of self-healing attribute of unconscious growth. Polanyi says economic liberalism misread the history of industrial revolution by judging social event from an economic standpoint. Comparing industrial revolution to tudor period in europe when people were enclosing fields and converting arable land to pasture, and when. Lords limited fields and commons threatening entire countries with depopulation.
