The Emergence Of Market Society

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The whole society has become a market. Societies used to consist of people that were governed by certain ideologies, laws, and practices. Being driven by capitalism, society has developed everything into a commodity, in which we now call a market society. Other socio-economic communities historically had concepts that were different from what is predominated in our present society. The emergence of market society establishes the great transformation from a traditional society to a market economy that has greatly impacted societal workplaces, and beliefs around ideological conditions. The emergence of market society starts with the self-regulating system called the market economy (Polanyi, 1957, P. 68). Self-regulation indicates that the …show more content…

As a result, the Industrial Revolution lead to the great transformation of the market society. The economy grew and people used labour as commodity that endures the greatest societal consequence. Since the market relied on this commodity, human rights were at a disadvantage to the economy. There is no such thing as a self-regulating market because people believe that the economy can build a system based on false commodities (Polanyi, 1957, P. 75). Society faces an economic problem that provides for the material well-being of the society, meaning we produce and exchange the basic necessities in order to survive.“If mankind does not live by bread alone, it is obvious that it cannot live without bread” (Heilbroner, P. 1). The economic problem arises because human nature struggles for existence which is derived from scarcity (Heilbroner, 1993, P. 4). This problem presents itself critically and uniquely as it is shown through economic history that people struggle for survival. Society has to organize a system of providing enough production for everyone and being able to distribute them properly. Other than market society, there are two other overarching systems found in other societies, tradition and command. For a traditional economy, production and distribution are constructed by procedures designed

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