Money and markets: limits of mainstream critique

Jérôme Maucourant ()
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Jérôme Maucourant: TRIANGLE - Triangle : action, discours, pensée politique et économique - ENS de Lyon - École normale supérieure de Lyon - Université de Lyon - UL2 - Université Lumière - Lyon 2 - IEP Lyon - Sciences Po Lyon - Institut d'études politiques de Lyon - Université de Lyon - UJM - Université Jean Monnet - Saint-Étienne - CNRS - Centre National de la Recherche Scientifique, UJM - Université Jean Monnet - Saint-Étienne

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Abstract: A key argument of Karl Polanyi's work is that market society needs policies to emerge, develop and survive, money being an essential institution in this process. But, fictituously transforming that which was not made to be sold into commodities, such as man, money or nature, entails unexpected effects, as State interventions. This total subversion of the liberal view enables new perspectives for understanding the crisis of 2008 and the continuing crisis of the Eurozone. Furthermore, it could highlight the usual critiques of many leftwing thinkers. Actually, they were blinded by the apparent success of globalisation during the 1990's and the cosmopolitical rhetoric of neoliberalism. The case of European Union and Euro is interesting because these social machines are labs of neoliberalism. A time is coming when the consent of free trade and a single currency-which unites many neoliberals, far leftists, "socialists" and some trade union leaders-must come to an end.

Keywords: markets; mainstream Critique; Euro; money order; Polanyi; fictitious commodity; globalism; Institutional analysis (search for similar items in EconPapers)
Date: 2020
New Economics Papers: this item is included in nep-cwa, nep-hme, nep-hpe and nep-pke
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Published in Stanković Pejnović, Vesna; Mati, Ivan. New understanding of Capital in the twenty-first century, Institute for Political Studies, pp.124-153, 2020

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