Abstract
Abstract. As pundits discuss the causes and results of the 2008 financial crisis and ensuing Great Recession, economists of various strands—led mainly by Keynesians—are slowly beginning to question the supposed wisdom of unfettered markets. Since Keynesian-liberal disputes revolve around the symptoms of the crisis rather than the historical and structural features of market economies, we thought that a Hayek-Polanyi comparison would be a timely intervention in order to understand the real nature of the subject. This comparison may also pave the way for the creation of an alternative to the vagaries of unfettered markets.
Keywords. Polanyi, Hayek, Markets, Capital, State intervention.
JEL. A12, A13, B13, B15.References
Ebenstein, A.O. (2003). Hayek's journey: The mind of Friedrich Hayek, New York: Palgrave Macmillan.
Hayek, F.V. (1976 ). The Road to Serfdom, Chicago: University of Chicago Press.
Hayek, F.V. (1941). The counter-revolution of science, Economica, 281-320.
Hayek, F.V. (1979). Counter-Revolution of Science: Studies on the Abuse of Reason, New York: Liberty Press.
Hayek, F.V. (2011). The fatal conceit: The errors of socialism (Vol. 1). University of Chicago Press.
Gilpin, R. (1987). Global Political Economy of International Relations Princeton, New Jersey: Princeton University Press.
Gilpin, R. (2001). Global Political Economy: Understanding the International Economic Order Princeton: Princeton University Press.
Malpas, J. (2012). “Donald Davidson”, The Stanford Encyclopedia of Philosophy (Winter 2012 Edition)
Polanyi, K. (1944). The Great Transformation: the political and economic origins of our time, Boston: Beacon Press.
Pritchett, L. (1996). Forget Convergence: Divergence Past, Present, and Future, Finance and Development, June , 40-43.
Spero, J.E., & Hart, J.A. (1997). Trade and development strategies, in The Politics of International Economic Relations, 5th ed. New York: St. Martin’s Press.
Weber, M. (1922). Economy and Society, ed. Guenther Roth and Claus Wittich, Berkeley: University of California Press.
Wright, E.O., Levine, A., & Sober, E. (1992). Reconstructing Marxism: Essays on Explanation and Theory of History, London: Verso.
