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Market Society
The term market society can refer to either the free-market style of capitalism first popularized by Adam Smith, or (to a lesser extent) can also refer to government-instituted and/or controlled forms of the market, commonly called state capitalism. It is a term particularly associated with the Hungarian-American Political Economy, political economist Karl Polanyi and his book ''The Great Transformation (book), The Great Transformation'', first published in 1944. David Denham also argues that the analysis of market societies is a key feature of the thought and writings of Karl Marx, Émile Durkheim and Max Weber. The term ''market society'' differs from ''market economy'' in implying that capitalist market economics influences not just the exchange of goods and services in a society, but also directly impacts and helps shape the personal attitudes, lifestyles, and political views of its people. Lisa Herzog, in the ''Stanford Encyclopedia of Philosophy'', refers to Polanyi's distincti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Free-market
In economics, a free market is an economic system in which the prices of goods and services are determined by supply and demand expressed by sellers and buyers. Such markets, as modeled, operate without the intervention of government or any other external authority. Proponents of the free market as a normative ideal contrast it with a regulated market, in which a government intervenes in supply and demand by means of various methods such as taxes or regulations. In an idealized free market economy, prices for goods and services are set solely by the bids and offers of the participants. Scholars contrast the concept of a free market with the concept of a coordinated market in fields of study such as political economy, new institutional economics, economic sociology, and political science. All of these fields emphasize the importance in currently existing market systems of rule-making institutions external to the simple forces of supply and demand which create space for those ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
