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Revisiting Free Market Utopia: A Hayek-Polanyi Reminder

Author

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  • Özgür ÜÞENMEZ
  • Levent DUMAN

    (Marmara University, Turkey.)

Abstract

As pundits discuss the causes and results of the 2008 financial crisis and ensuing Great Recession, economists of various strands—led mainly by Keynesians—are slowly beginning to question the supposed wisdom of unfettered markets. Since Keynesian-liberal disputes revolve around the symptoms of the crisis rather than the historical and structural features of market economies, we thought that a Hayek-Polanyi comparison would be a timely intervention in order to understand the real nature of the subject. This comparison may also pave the way for the creation of an alternative to the vagaries of unfettered markets.

Suggested Citation

  • Özgür ÜÞENMEZ & Levent DUMAN, 2016. "Revisiting Free Market Utopia: A Hayek-Polanyi Reminder," Journal of Economic and Social Thought, KSP Journals, vol. 3(1), pages 101-115, March.
    • Handle: RePEc:ksp:journ3:v:3:y:2016:i:1:p:101-115
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    More about this item

    Keywords

    Polanyi; Hayek; Markets; Capital; State intervention.;
    All these keywords.

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary

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