From Moral Economy to Market Society: English Moral Economy and Karl Polanyi's Critique of the Market System

English moral economy and Karl Polanyi's critique of the market system highlights a common concern about how market society undermines social cohesion and moral values. Both frameworks offer a critical perspective on the rise of capitalism, emphasizing the social costs of economic liberalism and the need for protective measures to mitigate these costs. As Polanyi's concept of embeddedness suggests, the economy cannot be understood in isolation from society; instead, it should be viewed as deeply interwoven with social structures, cultural norms, and moral values. As argued by both Polanyi and proponents of the English Moral Economy, the transition from a moral economy to a market society represents a profound transformation in the organization of economic life, with far-reaching implications for social justice and human well-being.

Journal

TURKISH JOURNAL OF BUSINESS ETHICS

Year

2025

Volume

18

Issue

2

Pages

1-27

ISSN

1308-4070

eISSN

2149-8148

DOI

10.12711/tjbe/m537

WoS UID

WOS:001654967300001