Unchecked self-regulating markets are destructive and require countervailing laws.
Evidence
Thirty-five years before Hayek and Friedman’s ascendance, the great historian Karl Polanyi wrote eloquently on the rise of the market economy. Polanyi’s studies led him to conclude that the operations of a self-regulating market are profoundly destructive when allowed to run free of countervailing laws and policies. He described the double movement: “a network of measures and policies… integrated into powerful institutions designed to check the action of the market relative to labor, land, and money.” — Shoshana Zuboff, The Age of Surveillance Capitalism, 124
Categorization
- DEFINE: Introduces Polanyi’s ‘double movement’ concept, defining the mechanism by which societies check market excess.
- XREF: Connects to broader history of capitalism debates; Polanyi is routinely cited against market fundamentalism. — connects to: Current attention-organizing logics serve financial interests and are self-destructive. — Yves Citton, The Ecology of Attention, 501; Finance requires the state to regulate markets and police its own excesses — Max Haiven, Cultures of Financialization, 504; War exposed the market’s self-regulating capacity as inadequate for total production — Clara E. Mattei, The Capital Order: How Economists…, 106 (+2 more)
Broader Connections
- De-regulation created a criminogenic environment allowing mass financial wrongdoing
#exemplifies(0.95) - War exposed the market’s self-regulating capacity as inadequate for total production
#corroborates(0.80) — Clara E. Mattei, The Capital Order, 106 - Anti-monopoly law in ordoliberalism blocks external distortions rather than intervening in the market itself.
#qualifies(0.75) — Michel Foucault, The Birth of Biopolitics, 761