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The Change from Traditional Societies to market Society Essay

Project id 1013186
Subject area Other
Document type Essay
Words 1435
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ideological and

Material conditions are integral elements of a market society, which interacted and transformed the methods we view market culture today. I am going to discuss the shift from traditional societies to market society to describe what Polanyi identifies as “the fantastic transformation”. I will then discuss the changes which have occurred in the workplace, the effect on these employees, and the worldview of these in a market culture. According to Polanyi, market economy becomes market society when all property, labour and capital are commodified (Polanyi, 1957). Market society is a framework, which focuses on the production and distribution of commodities and services primarily. This occurs through a free of charge market system, that allows the chance for folks to engage themselves on the market place, through trucking, exchanging or bartering. Polanyi’s fundamental notion of market society is that social relations are rooted throughout the market instead of the economy being submerged in social relations. The emergence of market culture is what Polanyi identifies as “the fantastic transformation” (Polanyi, 1957). This great transformation is definitely significant when discussing marketplace society, since it is a transformation of most society. It brought forth transformation in the business of the marketplace system, and society because of its efficiency in production consequently, commodification and distribution of labour, money and land. Many changes occurred with the emergence of market society, with regards to labour especially, or the ongoing function of people. Previously, before market society, production and distribution was achieved by carrying out a traditional system, relating to the tasks being passed on by generations. Heilbroner (1993) explains this.

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