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The Foundation of the Modern National Economy and Discipline over Its Monetary Discourse: A Consideration from the Perspective of Polanyian Economics


  • Shigetaro Wakabayashi


How 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?

Suggested Citation

  • Shigetaro Wakabayashi, 2010. "The Foundation of the Modern National Economy and Discipline over Its Monetary Discourse: A Consideration from the Perspective of Polanyian Economics," Journal of Economic Issues, Taylor & Francis Journals, vol. 44(3), pages 795-817.
  • Handle: RePEc:mes:jeciss:v:44:y:2010:i:3:p:795-817 DOI: 10.2753/JEI0021-3624440311

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    References listed on IDEAS

    1. Moritz Cruz & Edmund Amann & Bernard Walters, 2006. "Expectations, the business cycle and the Mexican peso crisis," Cambridge Journal of Economics, Oxford University Press, vol. 30(5), pages 701-722, September.
    2. repec:mes:jeciss:v:32:y:1998:i:2:p:351-363 is not listed on IDEAS
    3. Chwieroth, Jeffrey, 2007. "Neoliberal Economists and Capital Account Liberalization in Emerging Markets," International Organization, Cambridge University Press, vol. 61(02), pages 443-463, April.
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