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For Polanyi, the effort by classical and neoclassical economics to make society subject to the free market was a utopian project and, as Polanyi scholars Fred Block and Margaret Somers claim, "When these public goods and social necessities (what Polanyi calls "fictitious commodities") are treated as if they are commodities produced for sale on the market, rather than protected rights, our ...
Business ethics operates on the premise, for example, that the ethical operation of a private business is possible—those who dispute that premise, such as libertarian socialists (who contend that "business ethics" is an oxymoron) do so by definition outside of the domain of business ethics proper.
Economic liberalization, or economic liberalisation, is the lessening of government regulations and restrictions in an economy in exchange for greater participation by private entities.
Carrier also discusses fictitious commodities, which are things that are not produced in the conventional sense, material or not, and can be appropriated for commercial gain. [ clarification needed ] The conceptual categories of ethicality need to be legible to consumers in order for a consumer to be able to participate in ethical consumption.
Economic ethics is the combination of economics and ethics, incorporating both disciplines to predict, analyze, and model economic phenomena. It can be summarised as the theoretical ethical prerequisites and foundations of economic systems.
Ethical socialism is distinct in its focus on criticism of the ethics of capitalism and not merely criticism of the economic, systemic, and material issues of capitalism. [1] When the Social Democratic Party of Germany (SPD) renounced orthodox Marxism during the Godesberg Program in the 1950s, ethical socialism became the official philosophy ...
The market, once it considers land, labor and money as fictitious commodities, and including them "means to subordinate the substance of society itself to the laws of the market." [ 13 ] This, he argues, results in massive social dislocation, and spontaneous moves by society to protect itself.
Fictitious capital (German: fiktives Kapital) is a concept used by Karl Marx in his critique of political economy. It is introduced in chapter 25 of the third volume of Capital . [ 1 ] Fictitious capital contrasts with what Marx calls "real capital", which is capital actually invested in physical means of production and workers, and "money ...