ECON 001A Lecture Notes - Lecture 16: Karl Polanyi, Classical Liberalism, Paternalism
19 May 2020
School
Department
Course
Professor
Document Summary
Freedom is only for responsible individuals, not for madmen or children; meaning there is an essential ambiguity in our ultimate objective of freedom. Madmen: we are willing neither to permit them freedom nor to shoot them. There is no formula that can tell us where to stop, must rely on fallible judgment/ faith and ability to persuade our fellow men that it is the correct judgment. Karl polanyi, the great transformation: the political and economic origins of our. Provides the most powerful critique yet produced of market liberalism the belief that both national societies and the global economy can and should be organized through self-regulating markets. Core debate post-cold war period over globalization. Raised in budapest, worked as a senior editor for the premier economic and financial weekly of central europe. Mises and hayek wanted to restore the legitimacy of market liberalism; inspired milton friedman.
