Adam Smith‚ Karl Marx and Karl Polanyi‚ have influenced capitalism in different ways. Adam Smith known as the father of the political economy‚ developed the concept of the invisible hand; which explains how self-interest and competition in a free market economy‚ would allow economic prosperity. Likewise‚ Smith developed the concept of the division of labour which articulates that different jobs in a business should be specialised‚ instead of one person having to carry out all the processes. Karl
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The ideas of the preeminent political economist Karl Polanyi have enormous purchase in the 21st century‚ as the liberal creed and free market ideology are being ever more forcefully asserted in society under the name of neoliberalism. Writing about 19th century liberalism‚ Polanyi observed all of social relations being reduced to the logic of the market (Wjuniski & Fernandez‚ 2010‚ p. 424-5). This had especially detrimental effects for the commodities of land‚ labor‚ and money which historically
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First published in 1974‚ Marshall Sahlins’ Stone Age Economics challenges that Western societies are more conducive to leisure and prosperity than traditional stone-age cultures. Using evidence from primitive cultures in Africa‚ Australia‚ and Asia‚ Sahlins argues that these hunter-gatherers live a more fulfilling life because they are not concerned with material possessions. While Western societies view scarcity as the basis of unhappiness‚ scarcity in stone-age societies is precisely what drives
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existed globally as early as the 1400s if not previously. “Market Economy” refers to an economy that is dominated by commodity trade for profit‚ in that the economy is entirely oriented around trade and the profit generated from it. To quote Karl Polanyi from The Great Transformation “Market economy implies a self-regulating system of markets; in slightly more technical terms‚ it is an economy directed by market prices and nothing but market prices” (45). A market economy in this sense is truly unique
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people‚ he argues that a free gift is impossible‚ as with every gift comes an ‘obligation to reciprocate’ (1925: 3). The Gift has been extremely influential to many anthropological studies including the work of James Carrier‚ Jonathan Parry and David Sahlins. However Mauss ’s views on the nature of gift exchange have not been without their critics. Anthropologists such as James Laidlaw and Alain Testart contest that there is such a thing as a ‘free gift’. James Laidlaw uses the example of the giving of
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the requirement of page 32) – Extract Three Polyani‚ M.‚ The Tacit Dimension‚ Petersmith‚ 1966 (ch.1 p3-25) Polanyi claimed that his thinking commences from the truism that ‘we can know more than we can tell’ (4). Do you agree? Yes‚ it is because it is hard to express by verbal means. It is through observation and experience that can acquire tacit knowledge. Are you clear as to what Polanyi means by the ‘proximal’ and the ‘distal’? ‘proximal and distal’ are integrated to become an entity. Are you
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Economic Sociology Extract from Trade Market in the Early Empires‚ the document; written by Karl Polanyi‚ is focused on the economy and more precisely economy as instituted process. In this text‚ Karl talks about the definition of the term “Economy”. He tries to explain that they are two main meanings: • For the first part‚ it refers to “The Substantive” for which he says that it derived from man’s dependence on nature and his fellows‚ an interchange between his natural and social
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strain employment demands could cause for full-time students and in particular university life. Furthermore‚ work-life conflict can arise when an individual plays more than one role such as of a student‚ employee‚ caregiver‚ and volunteer (Smith & Polanyi‚ 2009). Each role has its own demands and balancing time for multiple roles at the same time may impact individual health directly. I have constructed a time-use diary method to investigate the relationship between work and the conflict it may cause
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The Development Dictionary A Guide to Knowledge as Power Edited by Wolfgang Sachs " i " .! ’. ’f Zed Books Ltd London and New Jersey Development 7 Development Gustavo Esteva T a say ’yes ’‚ to approve‚ to accept‚ the Brazilians say ’no ’ -: pois nao. But no one gets confused. By culturally rooting their speech‚ by playong With the words to make them speak in their contexts‚ the Brazilians ennch theu conversatIOn. In saying ’development ’‚ however‚ most people
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explored through the writings of Marshall Sahlins in his book the ’Stone Age Economics’ (Sahlins‚ 1972). The chapter ’Spirit of the Gift’ focuses on what compels a person‚ group or tribe to repay a gift (Schrift‚ 1997‚ p. 70). The idea is reciprocity comes from the nature of gift exchange. Between the exchanging of gifts there has to be a period of time. This period of time is determined between the individual who is indebted to the original gift giver (Sahlins‚ 1972). This is seen as the basis of a
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