Open AccessIdeas on polanyi’s markets
Author(s) -
Frank Fuller
Publication year - 2012
Publication title -
journal of management and science
Language(s) - English
Resource type - Journals
eISSN - 2250-1819
pISSN - 2249-1260
DOI - 10.26524/jms.2012.9
Subject(s) - prosperity , enforcement , market economy , mechanism (biology) , market mechanism , free market , business , economics , inequality , economic system , economic growth , political science , law , mathematical analysis , mathematics , politics , philosophy , epistemology
What makes a market society one that is more beneficial than a society that is stateregulated? Is the world market truly leading towards these types of changes? Prosperity comes from greater interaction between states and markets. Firms drive needs for global trade, but society within states promotes market changes. Some regulation of markets is desirable, while free markets must have some enforcement mechanism of rules to address inequalities and alleviate some of the side-effects of market transition.