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Karl Polanyi’s Motive of Economy and Institution

In: A Genealogy of Self-Interest in Economics

Author

Listed:
  • Takato Kasai

    (Doshisha University)

Abstract

Even as Karl Polanyi criticized classical economics, he tried to develop a theory that deals with human life. He criticized analyses focused on self-interest exchange; however, he did not deny human selfishness. By presupposing various human selfish acts other than the acquisition of commodities, he identified elements of economies without a market such as reciprocity, redistribution, and householding. In addition, non-exchange economies existed not for altruism but for suppression of individual selfishness by the institutional environment. Polanyi considered the self-interest of the liberal states and international finance as crucial for institutions in the nineteenth century, in which selfish economic behavior functions as a self-regulating market. By supposing the selfishness of nations and individuals, he pictured a world where the self-regulating market defined human economic activities, politics, and social systems. It was his agenda to inquire into a social institution that can restrict individual and national self-interests on a global scale for those who desired international peace through a harmony between economy and society.

Suggested Citation

  • Takato Kasai, 2021. "Karl Polanyi’s Motive of Economy and Institution," Springer Books, in: Susumu Egashira & Masanori Taishido & D. Wade Hands & Uskali Mäki (ed.), A Genealogy of Self-Interest in Economics, pages 203-219, Springer.
    • Handle: RePEc:spr:sprchp:978-981-15-9395-6_12
    DOI: 10.1007/978-981-15-9395-6_12
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