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Chapter 3,4,5

"Polanyi, K." ch3,4,5 Summary

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Department
Social Science
Course
SOSC 1340
Professor
Kean Birch
Semester
Fall

Description
October 3, 2013 READING SUMMARY Name: Baraq Balanovsky 212112090 Reading(sPolanyi, K. (1944) Habitation versus improvement; Societies and economic systems; The self-regulating market and fictitious commodities. OUTLINE OF THE READING(S) Landowners were profiting from new technology being developed by the lower working class had to suffer at the same time. As new farm technology came out, land formerly available to the public had been enclosed. The land previously was used by the common public for grazing and growing food was enclosed into private properties. The landowners wanted to maximize their profits by using new technology in their enclosed land. They used to the land for better raising of crops and animals, specifically sheep for their wool because it was a very profitable market. They had to sacrifice social dislocation to achieve improvement. It was an improvement for the merchants and landlords but the lower class had nowhere to live. It was like a revolution of the rich against the poor. The newly produced wool on the sheep farms gave employment to a small part of people who were forced out of tillage due to the enclosed land. No society could naturally survive without an economy of some sort.. Division of labour within a society, usually differentiated in the facts of sex, geography , and financial position. An individual's economy is based on their social interests. They value material goods only so far as they serve their end. Society has different ways to transfer goods and s
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