Discuss the type's of exchange given by Karl Polyani.
Answers
Karl Polanyi is almost universally considered the “father” of the concept of embeddedness. However, this concept has been subject to selective appropriation by this discipline and its relationship to the remaining theoretical edifice constructed by Polanyi has been neglected. It is, in fact, possible to refer to the “great transformation” to which the concept of embeddedness has been subjected: whereas in Polanyi’s work it is associated with the macro(economic) level and is used as evidence of the exceptional nature of the capitalist market economy – disembedded from society – in NES, it is normally associated with the meso (and even micro) level, on the assumption that all economies – including capitalist economies – are embedded.
Karl Polyani is an economic historian who gave three modes of exchange such as reciprocity, redistribution and market exchange.
Explanation:
- Reciprocity is the direct form of exchange system which is usually called a barter one. Without it, he explained the non-producing young cannot live and mature enough to provide the good to the next generation.
- Redistribution occurs when exactions are collected by the administrative center. It has also occurred in few predominantly market economies of industrial nations.
- Market mode ensures the exchange services through the law of supply and demand, the money price of which is determined by impersonal forces of the later.
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