The Foundation of the Modern National Economy and Discipline over Its Monetary Discourse: A Consideration from the Perspective of Polanyian Economics
AbstractHow does the causality between society and the economy run? After examining this fundamental question from the perspective of Polanyian economics, we conclude that the modern national economy is where bargained exchange is institutionalized by society to pre-exist with the aid of discipline over currency issues. However, this discipline is not provided with a proper institutional defense; and potential fragility of the modern national economy owing to this fact was most vividly revealed by central bankers' conduct in the great liquidity crisis of 2007/8. What are we to do for this?
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Bibliographic InfoArticle provided by M.E. Sharpe, Inc. in its journal Journal of Economic Issues.
Volume (Year): 44 (2010)
Issue (Month): 3 (September)
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Web page: http://www.mesharpe.com/mall/results1.asp?acr=jei
commercial banking system; currency discipline; discourse and discipline; Polanyi's institutionalism; society and the economy;
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