Polani, Karl (2001) The Self-Regulating Market and Fictitious Commodities - Labor, Land, and Money
Instructions
Memo writing : You should post two memos (each at least 400 words) on Blackboard for any two units. In the memo, you should 1) briefly state what the reading(s) is/are about [at least one of the readings of your choice should be a require reading]; then 2) comment on the main thesis and arguments of the reading(s), and 3) raise a question for discussion.
Answer
MemoArticle SummaryThe article by Polani (2001) talks about the state of the market and the specific characteristics which it has. More specifically, it details the idea that the market is self-regulatory. Thus, it can control how it flows as well as the outcomes which are attained from it. The author also shows that there are three essential commodities which are found in the market. These include; money, labor, and land. These are the commodities which people would easily pass but which are highly critical in enabling markets to flow smoothly. They ensure that different practices can be adopted in line with safeguarding the operations of markets and allowing them to be highly outstanding.The author also states that prices have a significant impact on the control of the market economy. Fu...
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