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Non-market institutions and crime in US counties: Hayek v. Polanyi

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  • Roland Zullo

Abstract

Karl Polanyi’s The great transformation emphasized the importance of non-market institutions for social equity and stability. In that same era, Friedrich Hayek postulated in The road to serfdom that superior economies were market-based and featured minimal government. I compare these worldviews in relation to property and violent crime. Using US county data, change in crime is modeled as a function of economic structure, economic conditions, and demographics. Consistent with Polanyi, the size of the public sector in the economy negatively associates with crime. Within the public sector, education is a critical crime-reducing function, more so than law enforcement. Industry diversity is positively associated with crime, contrary to Hayek. Manufacturing equates with lower crime and the size of the private non-profit sector is unrelated to crime. Overall the results favor Polanyi’s assertion that non-market institutions are necessary to counter the harsh outcomes arising from market economic systems.

Suggested Citation

  • Roland Zullo, 2021. "Non-market institutions and crime in US counties: Hayek v. Polanyi," Review of Social Economy, Taylor & Francis Journals, vol. 79(2), pages 310-332, April.
    • Handle: RePEc:taf:rsocec:v:79:y:2021:i:2:p:310-332
    DOI: 10.1080/00346764.2019.1663909
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