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Strypey
@strypey@mastodon.nzoss.nz  ·  activity timestamp 7 months ago

Listening to a great radio series about the life and writing of Karl Polanyi, especially his book Markets and Society;

"Using readings from Polanyi's work, the reminiscences of family and friends, and the comments of contemporary Polanyi scholars, it traces his life and thought from his childhood in 19th century Budapest to his final days in southern Ontario. A final programme examines his contemporary legacy."

https://www.davidcayley.com/podcasts/2014/11/26/8rgod4irv00ac77zl1d8rxtmbkbkgi

#podcasts#DavidCayley#MarketsAndSociety

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Strypey
@strypey@mastodon.nzoss.nz replied  ·  activity timestamp 7 months ago

An explosion, when regulated, becomes an engine. The same is true of markets.

An explosion, unregulated, is a weapon of mass destruction. The same is true of markets.

When Adam Smith talked about "free markets", he meant free of economic rents (paying people to own things), not free of regulation.

#markets#AdamSmith#FreeMarkets

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Tane Piper ⁂
@tanepiper@tane.codes replied  ·  activity timestamp 7 months ago
@strypey yea that's what gets me. These economist are literally told to read this stuff, and somehow have managed to completely misunderstand it. Meanwhile, me not an economist has two copies of the book and completely understands this
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