Economics 1021A/B Quiz: Main points and arguments

• School: Western University
• Department: Economics
• Course: Economics 1021A/B
• Professor: bruce hammond

Document Summary

Liberal capitalism was a response to the challenge of the industrial revolution. How to organize human life in a machine society. Liberal capitalism transformed human economy into a self-adjusting system of markets and cast our thought and values in the mold of this unique innovation. The market-economy gives u oversimplified views of the function and role of the economic system in society. Polanyi roots for a recapturing of a more realistic view on the human world. Question of individual freedom new response to the challenge of the machine. Machine age organization of society through the market-economy. Motives can be described as material and idea. Incentives on which everyday life is organized spring from the material motives. Both favored by unitarian liberalism and marxism. We are required to reform our consciousness to overcome doctrines that constrict our minds and souls. Labor and land were made into commodities. Labor is another word for man, and land for nature.