By Steven Pressman (eds.)
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Extra info for Alternative Theories of the State
Polanyi, K. (1944) The Great Transformation, Boston: Beacon Press. Rawls, J. (1971) A Theory of Justice, Cambridge: Harvard University Press. Solo, R. (1982) The Positive State, Cincinnati: South-Western Publishing. R. (1996) John Kenneth Galbraith, New York: St. Martins Press. R. (2000) Value Theory and Economic Progress: The Institutional Economics ofj. Fagg Foster, Kluwer Academic Publishers. Tugwell, R.  The Economic Basis of the Public Interest, New York: Augustus M. Kelley, 1968. Veblen, T.
Sharpe, pp. 55-85. R. (1998) Understanding Modern Money, Northhampton, MA: Edward Elgar. 3 The Protective Response and the Evolution of the Capitalist State James Ronald Stanfield and Jacqueline B. Stanfield [Polanyi's] arguments - and his concerns - are consonant with the issues raised by the rioters and marchers who took to the streets in Seattle and Prague in 1999 and 2000 to oppose the international financial institutions. — Joseph E. Stiglitz, 2001 Introduction In his foreword to the new edition of Polanyi's The Great Transformation, from which we excerpted the epigraph above, Stiglitz asserts that: economic science and economic history have come to recognize the validity of Polanyi's key contentions.
This is the disembedded economy: an autonomous sphere of human activity, self-motivating by greed or the threat of hunger and self-governing through a system of price-making markets. Adam Smith seized order from apparent chaos by insisting that an invisible hand was at work. For the market economy to exert such control over society, it is necessary that land, labor, and capital be organized through the supplydemand-price process. Traditional or political allocation of land or obligatory labor relationships cannot be predominant in the integration of the division of labor.
Alternative Theories of the State by Steven Pressman (eds.)