Karl Polanyi

[@justme-hh4vp]

Thank you for posting this course. It's a really useful overview of the key thinkers in economics and very clearly presented. Certainly deserves a much wider audience!

[@ofentsemothibi10]

Thank you for this video. I was struggling to explain fictitious commodities to some friends of mine and you've done it in a very easy-to-grasp way! Bless up, BIG MAN TING!

[@TimothyKerswellPhD]

Thanks a lot Ofentse I’m glad it helped!

[@filippuslopulalan7054]

Thank you very much. I have been attracted to Polanyi for couple of years now, and you give a very clear explanation.

[@jayt0102]

Thanks for simplifying the idea of fictitious commodities!

[@MoreLenguages]

Thank you very much

[@paololim3513]

Thank you for this. It helps sum up the key ideas in a that I could use for a class to teach.

[@giecproduttore748]

Thank you for the video!

[@sandracindy5101]

I love you so much ,Thanks for this.

[@rferoe]

Kinda fun to learn K P lived in Canada! National Pride (not based on push back against global market losses)

[@edipkerim3558]

Thank you for this video, it’s informative and helped me a lot but I don’t understand how to answer this question : “how redistribution and government balances inequalities based upon exchange and markets?” If you could answer , it would be greatly appreciated!

[@SimonYrtep]

But is it not possible that inside the substantivist framework individuals still make rational choices based on what the given individuals deems valuable depending on the social and historical circumstance? For example, a serf in a feudal economy makes the rational choice in his occupation as a farmer to maximize his yield in order to feed himself, his family and his lord and furthermore protect what he regards as valuable, such as preserving social order, religious as well as cultural responsibilities or to fulfill his duty as a father and husband. In these political and socio-cultural parameters the serf follows the principle of the formalist understanding of economics, or do I misunderstand something?

[@alvinleong269]

The guy is ahead of his time should get a book and give it away to your friends

[@enes8968]

Hey! Firstly thank you for the video. This was perfect! I was clearly understood the topic but I have a question (ıf you said the answer in the video, excuse me :)) Question is: How do fictious commodities make possible capital accumulation?

[@TimothyKerswellPhD]

That’s a good question and one I don’t think I answer in the video. Veblen was generally concerned with the abuse of productive society by its unproductive elements. That’s the basis of his critique of the leisure class. In the same way he saw fictitious commodities as nonproductive, absorbing value from the productive sectors of the economy. Their role in capital accumulation is a parasitic one, and any value stored in these commodities was generated somewhere else.

[@conradbelly4367]

According to Polanyi, does market create the growth of Fascism?

[@TimothyKerswellPhD]

Very good question, the short answer is ‘yes’. The long answer is, the market in trying to free itself from social relationships creates a reaction against the freedom of the market which tries to reembed the market within a social framework. Polanyi understood Fascism as one of these reactions, and its no surprise that Fascism arose after two major economic depressions and a period of marketisation.

[@conradbelly4367]

@@TimothyKerswellPhD Thank you Sir

[@adiam123seble7]

Hello, thank you for the summary!!Quick question, what's a fictitious commodity in a modern context?