Polanyi argued against the idea that..?
Self-regulating markets are conceptually valid
Societies should be governed democratically
Education should be free
Taxes should be lowered
Answer
According to Karl Polanyi, the idea of self-regulating markets is not conceptually valid because markets are embedded in social institutions. Polanyi argues that markets are not natural phenomena but are instead created and shaped by human society. He further argues that markets cannot function effectively without the support of a variety of social institutions, such as the state, the law, and the family.
The Karl Polanyi Trivia Challenge: Unearth the Legacy of an Extraordinary Economist
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