Polanyi has described the great transformation that took place as Markets became central to the functioning of society. Many things beyond price became commodities for sale. This has caused huge amounts of damage to humans, societies and environment.
Published, with title changed to Pursuit of Wealth, May 5, 2010 in Express Tribune
Market Societies -- article by Michael Sandel, on how everything is for sale.
“The Limits of Market Economy,” entry in Encyclopedia of Islamic Economics,to appear [4151 words]
see also my conference presentation (audio+powerpoint) on: Capitalism in Crisis
Markets Versus Society
Dr. Asad Zaman
Humanity as a whole faces problems on a scale never before seen in history: Environmental catastrophes (global warming, rapid destruction of species of flora and fauna, pollution of water, sea and air, depletion of natural resources, etc.), political catastrophes (billions in extreme poverty, destruction of innocent lives and livelihoods in historically unprecedented numbers, etc.) and social catastrophes (dysfunctional communities, families, social and financial institutions, due to erosion of trust). It is a testimony to the genius of Karl Polanyi, that he foresaw these consequences of the triumph of the market over society, which lies at the root of all of these problems. In this essay, we will discuss the contrasts between these two ways of understanding the world we live in.
MAIN website on Polanyi lists all relevant materials
Links to related materials, and sources of information are given here:
Related Newspaper Articles:
Thematically organized collection of all my newspaper articles.
Related Academic Article: Rise and Fall of the Market Economy
Pursuit of Wealth - Express Tribune May 05, 2010