The Great Transformation

The pivotal second chapter of Adam Smith's Wealth of Nations, "Of the Principle which gives occasion to the Division of Labour," opens with the oft-cited claim that the foundation of modern political economy is the human "propensity to truck, barter, and exchange one thing for another."1 This formulation plays both an analytical and normative role. It offers an anthropological microfoundation for Smith's understanding of how modern commercial societies function as social organizations, which, in turn, provide a venue for the expression and operation of these human proclivities. Together with the equally famous concept of the invisible hand, this sentence defines the central axis of a new science of political economy

In sum, the market models can be “simply defined as a social system in which individuals pursue their own welfare by exchanging things with others whenever trades are mutually beneficial.” The polis “conjures up an entity small enough to have very simple forms of organization yet large enough to embody the essential elements of politics.”

What Money Can’t Buy; The Moral Limits of Market by Michael Sandel argues the relationship between markets and our morality. His central concern is the influence of money on the sphere of life traditionally governed by nonmarket norms such as rights as a citizen, care for others, and civic duties. He demonstrated that market is responsible for destroying our sense of morality by placing monetary value to it. This paper will argue the relationship between market and morality through demonstrating the type of goods corrupted by money, the flaws in the market system that causes such problems, and the political solution for this problem as suggested by Michael Sandel respectively.

First, the Christian Left’s rejection of free-market policies stems from the belief that the economic system promotes individuals to gain benefits at the expense of another. Furthermore, the demands of a free market can corrupt even a selfless individual by engendering an environment where one has no other choice but to be self-serving (Ewert, 1989). On the contrary, Ewert (1989), rebuttals their argument and argues that the free market promotes autonomous, not selfish, behavior and actions. Moreover, Ewert (1989), does not deny the fact that selfishness is present in the free market. However, greed can be found in every economic system because

We are living in market society, which is so different from previous societies. In market society, the whole of society is a system of self-regulating market (Polanyi 43). In order to make the market society function, people need to think and act in certain ways(Polanyi 68). For example, people in market society think that economic relations are much more important than interpersonal relations (Polanyi 44). Polanyi calls the emergence of market society “the great transformation”. My thesis statement is that the shift to market society is a

Material and ideological conditions are present in the modern society and those before, each influencing the other. Material conditions determine an individual’s way of life, the wages they collect, and how such earnings determine social class. It is through ideological conditions that ideas derive, which give birth to the ways civilization behaves and operates. This paper will look at a series of theoretical works by Karl Polanyi, James Rinehart, Max Weber, and Robert Heilbroner, deliberating the market society and its progression in relation to the material and ideological conditions that are constantly transforming throughout societies pivotal points in history. Each theorist offers excellent insight into the modes of production and

Tremendous changes; economic, societal, and governmental happened in the United States during and after the Civil War. Part of these were caused by nearly total government control by Northern Republicans, who took power during the civil war and kept it through reconstruction. They were fervently anti-slavery and, therefore, strove to support the war against the southern states and, then, sought to punish the south after the war’s end. The federal government grew dramatically from 1860-1877, with the major changes being government control by Republicans, a huge growth in national debt, mainly from financing the war effort, a huge increase in the use of the power of the presidency, as shown in the Emancipation Proclamation, the decline in

The current issues that have been created by the market have trapped our political system in a never-ending cycle that has no solution but remains salient. There is constant argument as to the right way to handle the market, the appropriate regulatory measures, and what steps should be taken to protect those that fail to be competitive in the market. As the ideological spectrum splits on the issue and refuses to come to a meaningful compromise, it gets trapped in the policy cycle and in turn traps the cycle. Other issues fail to be handled as officials drag the market into every issue area and forum as a tool to direct and control the discussion. Charles Lindblom sees this as an issue that any society that allows the market to control

The Transforming Vision, written by Brian Walsh and Richard Middleton, yearn for a change in the way Christianity is viewed. According to the authors, science, technology and economic growth is what shapes our society, while Christianity stands in the sidelines. The authors aspire to see a change in Christianity where it “may receive social and cultural embodiment.” In the first chapters, Walsh and Middleton explore the reason behind why Christianity of North Americans is so disembodied compared to others. In addition, Transforming Vision explores the different types of worldviews compared to a Christian worldview, or biblical view. Furthermore, it discusses how the different type of world views affects us and if there is any worldview better than another.

The transformation of America is often discussed in both popular media and academic dialogue. Each generation has a name, new technologies define new eras, and events seem only notable when they are “historic”. While major events catch the interest of a broad spectrum of the public consciousness, subtle interactions between actors and slight shifts in beliefs are constantly changing the realities of the world. When the twin towers fell in 2001, the United States seemed to be thrust into a new world of Weapons of Mass Destruction, Jihadists, and a global fight against terrorism; bombs were dropped, ground forces were deployed in foreign states, and anyone who publicly questioned the urgency of war was at risk to be labeled a traitor.

Both arguments on the topic of human instinct, concludes Parenti, fails to acknowledge the “complex social processes that intertwine between innate proclivity and natural behavior.” This topic is important to discuss in a politics class because it is a fundamental argument that can potentially give insight into how expansion of the capitalist system can produce political activity in the world. Parenti emphasizes that the global division of labor between the rich and poor and military coercion cannot be simply labeled as the outcome of the natural human way. For saying this is declaring the inescapability of the situation and dismissing all possibilities of social justice in the future.

One topic subject to never-ending debate that is reviewed, revised, then and disputed among scholars, is the market and the economy. In the book, "The Mind and The Market" by Jerry Muller (2002), he discusses the different viewpoints of scholars about capitalism in the market and the influence society holds on it. This writing is comprised of summaries of several reviews from a variety of authors, which will include their viewpoints, their criticism, and an overall review from Muller 's work. These authors include Brian Fox, Patrick Murray, Charles Tilly, and Fritz Ringer. Each author originates from respected and prestigious journals from different universities, programs, and other education systems. All intellectuals are experts in their field of study with a background in either philosophy, history, or economy, making their viewpoints meaningful, insightful, and relevant. Following the summary of each review will be a comparison and contrasting piece, continuing into an evaluation addressing if they captured the book in an appropriate way. Concluding the essay will have an input of my own personal review of the book. As shown, the reviews vary with their personal opinions regarding the positives and negatives of Muller 's work.

Logic and history shows that a collectivist society cannot exist without an overarching authority since this is necessary in order to “redistribute the wealth” and run the economy. The author’s bias is also dreadfully apparent since history shows that it is Communism [or any variant thereof] that invariably equates to misery but that is a discussion for another day.

What also characterizes market society is the emergence of the concept of “fictitious commodities”. Fictitious commodities refer to labor, land, and money (Polanyi 72). “fictitious” implies that they are actually not commodities (Polanyi 72). They are turned into commodities for the effective operation of market society (Polanyi 72). In market society, everything is provided as a commodity. As the major elements of industry, labor, land , and money need to be provided for maintaining productivity and they can only be provided when they are on the market for sale (Polanyi 72). Differently, “Under the feudalism and the gild system land and labor formed part of the social organization itself ” (Polanyi 69). Land were crucial for feudal order, status and function of which “were determined by legal and customary

This concept criticizes the market fundamentalism. Markets will always be controlled by norms, society, culture and morality. Polanyi means the idea of a self-regulating economy is a myth and the free market is a political creation. The state plays a huge role in managing markets such as money, land and labor. John M. Keynes agreed with Polanyi, it doesn’t exist some “invisible hand”. He argued for governmental regulation and that the state should be in the economy with the companies. The state should boost and help the economy when it’s bad and help the struggling