("Great Transformation," n.d.)
Why Polanyi's ideas were more "utopian" than others?
Polanyi's ideas were more utopian because he criticized the various approach to economic / political theory. At the same time, he discussed how certain economic systems were important in addressing social problems to a certain extent. An example of this can be seen with his ideas on capitalism. Where, Polanyi's was saying that it is a good economic system, for creating economic prosperity. Yet, the greed factor can cause various individuals to engage in financially reckless decisions. To prevent these kinds of too big to fail situations, Polanyi, advocates that the government plays a role in addressing this issue through regulation. Where, they must keep a balance, by allowing businesses to function according to supply and demand, while preventing greed run amok. This idea of looking at the merits and demerits of both economic / political approaches is: what makes his ideas of utopia different from other thinkers. (Hyek, n.d.)
How do you see utopianism impacting the longer history of political economy?
The different views on utopianism would create the rise of globalization after the end of World War II. Where, the various regulations that were created during the...
At which point, this would create a similar economic situation that occurred in 1929. Where, the lack of regulation would create bubbles in asset prices that would cause a severe financial meltdown. At which point, there was a backlash against the self-regulation, with more calls for greater controls on private business. What this shows is: how both views cause the economic / political pendulum to swing back and forth. Where, during times of economic prosperity, the overall attitude will be utopianism will based upon a push for self-regulation. Then, during times of recession / economic challenge, the pendulum swings the other way, as there is more of an emphasis on restricting various products / rules that contributed to the excess. As a result, the utopianism on both sides of the political / economic spectrum leads to various excesses.
Bibliography
Great Transformation. (n.d.). Retrieved June 17, 2010 from MSU website: http://jayhanson.us/_History/TheGreatTransformation.htm
Hyek, F. (n.d.). Champion of the Old Order. Retrieved June 17, 2010 from MSU website: https://www.msu.edu/~kunzfran/Polanyi.htm
Polanyi, K. (2001). The Great Transformation. Boston, MA: Beacon Press.
