Market societies are markets that are the paramount establishment for the exchange of goods through price mechanisms. Market society is characterized by a wide range of industrial elements available in markets; the essential characteristic of a market society is self regulation principal which is only seen in such a society (Polanyi 43). The self regulation principal is a system which is capable of organizing the entire economic lives without an external factor. The self regulation principal also implies that “all production is for sale on the market and that all incomes derive from such sales” in which he makes clear that almost everything is on sale in the market including the three fictitious commodities which are land, labour and money. (Polanyi 69) The introduction of the three fictious commodities in the market made the emergence of market society significant. Labour earns wages, land earns rent and money earns interest, makes everything in society become subject to market forces. Market forces are the forces which affect the price, demand and availability of a commodity. The market organizes every element of industry into supply and demand groups making price being the main incentive; this is all due to the self regulation of the market. (Polanyi 72) Opposed to decades in the past, today markets do not only consist of commodities with predetermined prices, but now markets have other factors such as supply and demand which also contribute to the prices of all elements of industry including land, labour and money which are now an important aspect of the economic system and the economic flow.
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