Labor and Glob third asmt -3

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University of Central Florida *

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1101

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Economics

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Feb 20, 2024

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Scaglione 1 Danielle Scaglione Professor Phillip A. Hough Labor and Globalization October 20, 2023 Third Writing Assignment 1. According to Karl Polanyi, why are land, labor and money “fictitious commodities”? What makes them different from other commodities? Karl Polanyi explains how land, labor, and money are fictitious commodities by stating new aspects of life are being transformed into commodities. The issue of commodification of taking public goods and privatizing them. For example, the land being turned into a commodity that was once publicly available and now we can take ownership of it and it then becomes divvied up. These "fictitious commodities" differ from other products and services because they are inherently important for social and ecological reasons. It is impossible to fully subject them to market logic without resulting in social unrest, inequality, and environmental harm. This process of commodification is central to Polanyi’s analysis. The structural component of his analysis is the idea of the double movement, the tendency that if you treat everything like a commodity we are going too far towards undermining the social basis of our society. Commodifying essential things like water, land, and public spaces. He stresses that up to a certain point commodifying all aspects of our lives the society and the economy will bring pushback. Polanyi explains that commodifying nature makes everyone react to it, not just on a class-by-class basis.

Scaglione 2 2. What does Karl Polanyi mean when he argues that there is a difference between “embedded” and “disembedded” markets? Clarify the difference. Polanyi contends that society and governmental standards manage embedded markets, which distinguishes them from disembedded markets. In embedded markets, community interests, member welfare, and resource sustainability usually take precedence over strictly market dynamics. He continues by defining disembedded markets as those that permit complete commodification. In markets that have been de-embedded, the desire of profit drives most economic transactions. The fundamental goal is to increase economic efficiency and production. He believed that such markets needed to be "re-embedded" in social and political institutions to ensure that economic activities enhance the welfare of society and people. They can be either detached or attached, according to Polanyi. 3. According to Karl Polanyi, what is the “self-regulating market”? Why is considered by its supporters to be “self-regulating”? Why do its supporters believe it does not need to be regulated by social and political institutions? The self-regulating market is a market that does not need regulations, it is an ideal. Polanyi stressed that it appeals to people because it tends to their needs and desires for freedom. Yet if you take that idea too much to the extreme you’re marketized. In this idealized scenario, people and companies are allowed to act in their self-interest, and the market is assumed to automatically reach a balance that is advantageous to society as a whole. It is considered by its supporters to be self-regulating because they believe the market and economy will adhere to itself. That the market will rise and fall without the need for government intrusion. The supporters believe it does not need to be regulated by government and social institutions because they contend that attempts at regulation frequently distort or

Scaglione 3 obstruct the market's ability to provide optimal results when it is allowed to operate unhindered.

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