The Political Economy of Market Capitalism



As I indicated above, there is a further and most important dimension to Polanyi’s concern than the methodological problems of economic anthropology, economic history, and comparative economic systems. The economistic conception lies at the root of a paralytic gestalt which is fixated on the market form of economic organization. This institutional fixation does more than break down what should be the continuity between the analyses of past economies and comparative economic systems. It so delimits the vision of economic analysis that alternative institutional forms are not visible. This astigmatism similarly cripples the economist’s approach to public policy and social reform with the result that basic institutional change is unimaginable.


Political Economy Market Capitalism Market Economy Social Economy Protective Response 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.


Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

4 The Political Economy of Market Capitalism

  1. 2.
    T. W. Hutchison, On Revolutions and Progress in Economic Knowledge (New York: Cambridge University Press, 1978) p. 11.Google Scholar
  2. 4.
    Benjamin Ward, The Conservative Economic World View (New York: Basic Books, 1979) p. 11.Google Scholar
  3. 10.
    See Joyce O. Appleby, Economic Thought and Ideology in Seventeenth Century England (Princeton University Press, 1979).Google Scholar
  4. 12.
    See Allen M. Sievers, General Economics: an Introduction (New York: J. B. Lippincott, 1952) pp. 290–4.Google Scholar
  5. 13.
    See, e. g. Donald F. Gordon, ‘The Role of the History of Economic Thought in the Understanding of Modern Economic Theory’, American Economic Review, 55 (May 1955) p. 124;Google Scholar
  6. A. W. Coats, ‘Is there a “Structure of Scientific Revolutions” in Economics?’, Kyklos, 22 (1969) p. 292.CrossRefGoogle Scholar

Copyright information

© J. R. Stanfield 1986

Authors and Affiliations

There are no affiliations available

Personalised recommendations