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Polanyi views economic history as a “double movement”. The first movement is in the direction of economic liberalism. The second is social protections. Markets were self-regulating, formed the bedrock of modern society and contained social relations.pic.twitter.com/7DEoOGYkPO
The creation of labor markets destroyed metic controls over the market. What if people want more [social things] than economic things? Metis is locally relevant, socially embedded information.pic.twitter.com/ZyA9TYsiom
The removal of metis was accompanied with social dislocation and discontent. Social protections were proposed to combat this reaction.pic.twitter.com/EKo2lwFVOA
Social protections made the situation worse. From (1) and (2), they were economically prejudiced (e.g. Brexit, UBI, etc.) Social protections hurt the free market/economy and since markets were the bedrock of society it was bound to hurt society at large.pic.twitter.com/brjKSx2mUZ
A feedback loop was set up. Society moving towards a market society. More social dislocation. More anger. Newer, more economically prejudiced social protections proposed. Free markets tampered with. Disastrous consequences for society built on top of free market.pic.twitter.com/l2ComYMeNB
What are we fighting about when we rail against capitalism today? The argument is essentially how regulations (that are social in nature) can be used to govern free markets that are now self-regulating. It's not about privatization or democracy or socialism.pic.twitter.com/SjXO8JionI
What's worse than welfare? The real concern is much more psychological. Namely: human beings want much richer social lives than they can maintain under strict market conditions, and much of the reaction against market societies comes from that. Read more to find out.pic.twitter.com/pHV7y68wBz
I tried experimenting with a memeified version of the article given that memes are already a part of the common language we use. The full memeified version is available here. Any comments appreciated!https://bit.ly/2J3chjD
Thanks to @anishabajaj17, @anshuIkharb, @HarshitSahay @krishkhubchand, @leonjcoe, and @VijayR2007 for reading the drafts.
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