Monthly Archives: December 2014

Reading Block and Somers’ The Power of Market Fundamentalism (Part 4)

In chapter three, Block and Somers examined some of the contradictions that appear in The Great Transformation. Of particular importance was Polanyi’s tendency to write as if market autonomy was a real possibility as opposed to a utopian construct of both economic liberals and (some) Marxists. This tendency created enough of an appearance of belief in an autonomous market that market fundamentalists later used large selections of his text to support their positions. Yet Polanyi’s argument was fundamentally opposed to the idea of market autonomy, and his view that markets are always embedded in social institutions led him to focus on the case of Speenhamland and the system of poor laws.

Chapters four and five take up these two topics–free market utopianism and Speenhamland–in greater detail. At the center of both chapters is the idea of “social naturalism,” which assumes that society is governed by the same laws that govern natural phenomena. Continue reading