In economics, a free market is an economic system in which the prices of goods and services are determined by supply and demand expressed by sellers and buyers. Such markets, as modeled, operate without the intervention of government or any other external authority. Proponents of the free market as a normative ideal contrast it with a regulated market, in which a government intervenes in supply and demand by means of various methods such as taxes or regulations. In an idealized free market economy, prices for goods and services are set solely by the bids and offers of the participants.
Michael Polanyi was a Hungarian-British polymath, who made important theoretical contributions to physical chemistry, economics, and philosophy. He argued that positivism supplies an imperfect account of knowing as no observer is perfectly impartial.
Othmar Spann was a conservative Austrian philosopher, sociologist and economist. His radical anti-liberal and anti-socialist views, based on early 19th century Romantic ideas expressed by Adam Müller et al. and popularized in his books and lecture courses, helped antagonise political factions in Austria during the interwar years.
William Robert Dixon was an American composer and educator. Dixon was one of the seminal figures in free jazz and late twentieth-century contemporary music. His was also a prominent activist for artist's rights and African American music tradition. He played the trumpet, flugelhorn, and piano, often using electronic delay and reverb.
John Charles Polanyi is a German-born Canadian chemist. He was awarded the 1986 Nobel Prize in Chemistry for his research in chemical kinetics.
Eva Striker Zeisel was a Hungarian-born American industrial designer known for her work with ceramics, primarily from the period after she immigrated to the United States. Her forms are often abstractions of the natural world and human relationships. Work from throughout her prodigious career is included in important museum collections across the world. Zeisel declared herself a "maker of useful things."
Jenő Fock was a Hungarian Communist politician who served as Chairman of the Council of Ministers of the People's Republic of Hungary from 1967 to 1975.
The Great Transformation is a book by Karl Polanyi, a Hungarian-American political economist. First published in 1944 by Farrar & Rinehart, it deals with the social and political upheavals that took place in England during the rise of the market economy. Polanyi contends that the modern market economy and the modern nation-state should be understood not as discrete elements but as the single human invention he calls the "Market Society".
Rajk College for Advanced Studies is an educational institution offering advanced courses in the fields of economics, business and social sciences. The College is a self governing community of about 100 selected students living together. It was founded in 1970 by the students of the Corvinus University of Budapest, with Attila Chikán as its first principal. It is the oldest existing institution of the kind in Hungary, giving a model to a number of later colleges in Hungary and abroad, such as the Bibó István College for Advanced Studies in Hungary or the Mikó Imre College for Advanced Studies in Romania. The college was named in 1974 after László Rajk, a leading Hungarian Communist, who was proclaimed enemy of the regime and executed in a show trial in 1949. The idea behind the naming of the college was to express criticism towards the system at the time. In December, 2018 the college decided to change its name and dropped the word László.
Polányi, Polanyi is a surname. There have been a number of prominent individuals in the Polanyi family, illustrated in the following family tree:
Fred L. Block is an American sociologist, and Research Professor of Sociology at UC Davis. Block is widely regarded as one of the world’s leading economic and political sociologists. His interests are wide ranging. He has been noted as an influential follower of Karl Polanyi.
Ilona Duczynska was a Polish-Hungarian-Canadian revolutionary, journalist, translator, engineer, and historian. Her husband was Karl Polanyi and her daughter is Kari Polanyi Levitt.
The Budapest School was a school of thought, originally of Marxist humanism, but later of post-Marxism and dissident liberalism that emerged in Hungary in the early 1960s, belonging to so-called Hungarian New Left. Its members were students or colleagues of Georg Lukács. The school was originally oriented towards developing Lukacs' later works on social ontology and aesthetics, but quickly began to challenge the paradigm of Lukacsian-Marxism, thus reconstructing contemporary critical theory. Most of the members later came to abandon Marxism. The school also critiqued the "dictatorship over needs" of the Soviet states. Most of the members were forced into exile by the pro-Soviet Hungarian government.
The opposition between substantivist and formalist economic models was first proposed by Karl Polanyi in his work The Great Transformation (1944).
The Sonntagskreis was an intellectual discussion group in Budapest, Hungary, between 1915 and 1918. The main focus of the group was on the relationship between ideas and the social and historical context of those ideas, a line of thought that led towards the later concepts of "social history of art" and "sociology of knowledge".
Liberal socialism is a political philosophy that incorporates liberal principles to socialism. This synthesis sees liberalism as the political theory that takes the inner freedom of the human spirit as a given and adopts liberty as the goal, means and rule of shared human life. Socialism is seen as the method to realize this recognition of liberty through political and economic autonomy and emancipation from the grip of pressing material necessity. Liberal socialism refuses to abolish capitalism with a socialist economy and supports a mixed economy that includes both social ownership and private property in capital goods.
Rochelle Feinstein is a contemporary American visual artist that makes abstract paintings, prints, video, sculpture, and installations that explore language and contemporary culture. She was appointed professor in painting and printmaking at the Yale School of Art in 1994, where she also served as director of graduate studies, until becoming professor emerita in 2017.
The Double Movement is a concept originating with Karl Polanyi in his book The Great Transformation. The phrase refers to the dialectical process of marketization and push for social protection against that marketization. First, laissez-faire reformers seek to "disembed" the economy in order to establish what Polanyi calls a "market society" wherein all things are commodified, including what Polanyi terms "false commodities": land, labor, and money. Second, a reactionary "countermovement" arises whereby society attempts to re-embed the economy through the creation of social protections such as labor laws and tariffs. In Polanyi's view, these liberal reformers seek to subordinate society to the market economy, which is taken by these reformers to be self-regulating. To Polanyi, this is a utopian project, as economies are always embedded in societies.
Jane Ford Aebersold is an American artist specializing in ceramics.
Chris Hann is a British social anthropologist who has done field research in socialist and post-socialist Eastern Europe and the Turkic-speaking world. His main theoretical interests lie in economic anthropology, religion, and long-term history. After holding university posts in Cambridge and Canterbury, UK, Hann has worked since 1999 in Germany as one of the founding Directors of the Max Planck Institute for Social Anthropology in Halle/Saale.
