True or false? Karl Polanyi argues that complete control over the market by the state is the only way to secure the protection of people and the environment from the unhinged nature of capitalist markets.

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Social Studies

Jordin Carter

Today, 06:42

True or false? Karl Polanyi argues that complete control over the market by the state is the only way to secure the protection of people and the environment from the unhinged nature of capitalist markets.

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Answers (1)

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Perla Abbott · Answer 1

Karl Polanyi did not say that complete control over the market by the state is the only way to secure the protection of people and the environment from the unhinged nature of capitalist markets. So the given statement is False.

Explanation:

Karl Polanyi stated that development of states should always go hand in hand with that of the market and that such a change has been indissolubly linked in history. The change to market economy from pre-modern economy was actually harming the human relationships and institutions. Such changes as per Polyani caused destruction of basic social order of the pre-modern history reign.

He stated formation of self-regulating market required separation of Economic and political realms. He did not deny that the self-regulating markets have brought huge amount of material wealth, but he suggests that this is too narrow a focus and more focus should be given on the broader aspects.