Takato Kasai

(Doshisha University, Japan)

 

 

Abstract: This study looks to clarify an evaluation of self-interest by Karl Polanyi (1886-1964) that is sometimes referred to a discussion about anti-capitalism. The unrefined view — namely, that Polanyi gave a negative evaluation of self-interest — has gained currency, as he criticizes a world that seemed to be based on markets set by prices and quantities of goods (“nineteenth-century civilization”, in his words). One main problem is the determination of whether this question is valid; in addition, we need to consider the individual and economics, as criticized in his works. This paper looks at who Polanyi was by referencing his understanding of self-interest — something that serves as a cornerstone of mainstream economics. Moreover, this study explores Polanyi’s connection with modern mainstream economics, and considers the relevance of his thought with regard to today’s problems (e.g., the relationship between the community and the market).

 

 

Key words: appetite; heterodox economics; institution; self-interest; social community

 

JEL codes: B29, B31