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Questioning the Utopian Springs of Market Economy (Paperback)
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Questioning the Utopian Springs of Market Economy (Paperback)
Series: Rethinking Globalizations
Expected to ship within 12 - 19 working days
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Revisiting the magnetic poles of Karl Polanyi and Friedrich Hayek
on the utopian springs of political economy, this book seeks to
provide a compass for questioning the market economy of the
twenty-first century. For Polanyi, in The Great Transformation, the
utopian springs of the dogma of liberalism existed within the
extension of the market mechanism to the 'fictitious commodities'
of land, labour, and money. There was nothing natural about
laissez-faire. The progress of the utopia of a self-regulating
market was backed by the state and checked by a double movement,
which attempted to subordinate the laws of the market to the
substance of human society through principles of self-protection,
legislative intervention, and regulation. For Hayek, in The Road to
Serfdom, the utopia of freedom was threatened by the abandonment of
individualism and classical liberalism. The tyranny of government
interventionism led to the loss of freedom, the creation of an
oppressive society, and the despotism of dictatorship that led to
the serfdom of the individual. Economic planning in the form of
socialism and fascism had commonalities that stifled individual
freedom. Against the power of the state, the guiding principle of
the policy of freedom for the individual was advocated. Taking
these different aspects of market economy as its point of
departure, this book promises to deliver a set of essays by leading
commentators on twenty- first- century political economy debates
relevant to the present conjuncture of neoliberalism. The chapters
in this book were originally published in a special issue of the
journal Globalizations.
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