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Does capitalism control the state or does the state contol capitalism answer by refering to karl marx and karl polanyi - Essay Example

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Does Capitalism Control The State Or Does The State Control Capitalism? By In any economic system, there is the interaction between managers and entrepreneurs. This interaction mainly results in the organization of various processes in the economy…
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Does capitalism control the state or does the state contol capitalism answer by refering to karl marx and karl polanyi
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"Does capitalism control the state or does the state contol capitalism answer by refering to karl marx and karl polanyi"

Download file to see previous pages Since the past decades, various scholars of Economics have studied this aspect, and developed different frameworks for perceiving it. Nonetheless, this paper focuses on capitalism, and argues that the state controls capitalism. The argument pressed forward draws on the views of the prominent scholars in Economics, including Karl Marx and Karl Polanyi. The influence and contribution of Karl Marx in Economics was felt through most part of the 19th Century. In the 19th Century, Karl Marx was highly interested in studying the role of economy in society. He therefore, came up with a theory, which could be used to study the evolutionary effect that economy had on the society. Marx therefore, argued that human beings are primarily driven by material interests (Smelser & Swedberg 2005). These material interests, also according to Marx, were a key determinant of various structures and processes in society. Most importantly, Karl Marx is known for propagating the element of capitalism in Economics. He coined the term capitalism to describe a system in which only a small group of individuals in society control a large amount of wealth, capital, or money. In such capitalistic societies, power and wealth is concentrated in the hands of only a few individuals, whose major aim is to ensure the maximization of profits. Through this therefore, there results what Marx referred to as class struggles. In this case, the relations of production enter into conflict with the forces of production. This consequently leads to a revolution, thus, new mode of production (Smelser & Swedberg 2005) Apart from Karl Marx, Karl Polanyi also addressed important aspects in Economics, which contribute to the understanding of capitalism, as coined by Karl Marx. In his work, “The Great Transformation,” Karl Polanyi critiques the utilitarian outlook of human economies, including the principle of laissez-faire and capitalism, which he also refers to as “market economy” (Polanyi 1944). Polanyi argued that in the 19th Century, it was impossible to develop a self-regulating market system. Polanyi however, notes that in the 19th Century, the economy, which is a unique aspect in society’s history, became an independent system, which functioned according to its own laws. Therefore, with regard to Polanyi’s previous works on the aspects of embeddedness and disembeddedness of the economy, in relation to the society, one can therefore, be able to note the uniqueness of the 19th Century economy (Krippner 2001). According to Polanyi, before the emergence of capitalism, the aspect of economy or market in society was embedded in people’s social relations (Miguel 2011). For this reason, the economy or market was hard to distinguish from other social relations, as in this case, it was neither self-regulating nor independent. Polanyi also postulated that capitalism, which he considered the disembedded economy, was independent of other social relations, thus unique, and was guided by its own specific laws. Nonetheless, Polanyi further argued that the aspect of disembeddedness of the economy was destructive, as compared to when the economy is embedded in social structure forms (Ozel & Yilmaz 2005). On the contrast, Granovetter (1985) argued that embeddedness, and not disembeddedness, was problematic in society. For this reason, it can be thought that Polanyi ...Download file to see next pagesRead More
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