The term market society can refer to either the free-market style of capitalism first popularized by Adam Smith, or (to a lesser extent) can also refer to government-instituted and/or controlled forms of the market, commonly called state capitalism. It is a term particularly associated with the Hungarian-American political economist Karl Polanyi and his book The Great Transformation , first published in 1944. [1] David Denham also argues that the analysis of market societies is a key feature of the thought and writings of Karl Marx, Émile Durkheim and Max Weber. [2]
The term market society differs from market economy in implying that capitalist market economics influences not just the exchange of goods and services in a society, but also directly impacts and helps shape the personal attitudes, lifestyles, and political views of its people. Lisa Herzog, in the Stanford Encyclopedia of Philosophy , refers to Polanyi's distinction between "market economies" and "market societies" as "vague, but nonetheless helpful distinction". [3]
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