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Essay / Research Paper Abstract
A 3 page research paper that explores Karl Polanyi's thought in his text The Great Transformation in regards to the evolution of market patterns in early European history through mercantilism. No additional sources cited.
Page Count:
3 pages (~225 words per page)
File: D0_khpoly2.rtf
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markets into a self-regulating market" was due to the "inherent tendency of markets toward excrescence" (p. 57). (All subsequent references refer to this source). Polanyi differs from this orthodox position
and argues that this development was due to the effect of "highly artificial stimulants administered to the body social" in order to meet the requirements of situations, which were "created
by the no less artificial phenomenon of the machine" (p. 57). Compare to orthodox perceptions of market evolution -- through the intervention of the deus ex machina Orthodox
economic teaching starts with the tendency of the average individual in a primitive society to barter. From this, convention economic theory deduces the necessity for local markets, which leads to
a division of labor and infers the necessity of trade, "including even long-distance trade" (p. 58). Polanyi argues that this order should be reversed. The true staring point should be
regarded as long-distance trade, which results from the geographical location of goods and, also, by the "division of labor" that results from location (p. 58). Long-distance trade frequently engenders markets.
However, Polanyi also argues that external trade was, originally, more in the "nature of adventure, exploration, hunting, piracy and war than of barter" (p. 59). He pictures three types of
trade, external, internal and local. The nature of external and local trade is basically non competitive, as it generally encompasses an exchange of goods that are not similar. Internal trade,
on the other hand, is competitive because it involves "similar goods from difference sources offered in competition" (p. 60). He pictures internal trade as remaining distinctly separate from external. Citing
numerous examples from primitive society, he argues that local market are, "essentially, neighborhood markets" and "nowhere showed any sign of reducing the prevailing economic system in their pattern," therefore, "They
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