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Endogenous Institutions and the Politics of Property: Comparing and Contrasting Douglass North and Karl Polanyi in the Case of Finance

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  • Ann Davis

Abstract

The purpose of this paper is to contrast the work of Douglass North and Karl Polanyi regarding financial institutions associated in market economies. Both implicitly acknowledge the synergy between public and private financial markets, which can serve to solidify an alliance between wealth holders and the state, potentially at the expense of “sociery” at large. This alliance may stimulate growth, according to North, as well as impose the strain of the market, according to Polanyi. Taken together, these insights undercut the classical story of the neutral role of money, as well as the notion of a clear distinction between public and private, politics and markets.

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  • Ann Davis, 2008. "Endogenous Institutions and the Politics of Property: Comparing and Contrasting Douglass North and Karl Polanyi in the Case of Finance," Journal of Economic Issues, Taylor & Francis Journals, vol. 42(4), pages 1101-1122, December.
    • Handle: RePEc:mes:jeciss:v:42:y:2008:i:4:p:1101-1122
    DOI: 10.1080/00213624.2008.11507204
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    Cited by:

    1. Prévost, Benoît & Rivaud, Audrey, 2018. "The World Bank’s environmental strategies: Assessing the influence of a biased use of New Institutional Economics on legal issues," Ecosystem Services, Elsevier, vol. 29(PB), pages 370-380.
    2. Petr Wawrosz, 2011. "Dosahování a narušování institucionální rovnováhy v redistribučních systémech [Creation and Violation of Institutional Equilibrium in Redistribution Systems]," Politická ekonomie, Prague University of Economics and Business, vol. 2011(4), pages 526-546.

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