Neoliberalism, Polanyi’s Protective Response, and Veblenian Waste

Wrenn, Mary V.

Abstract

© 2016, Journal of Economic Issues / Association for Evolutionary Economics. Abstract: As capitalism unfolds, continual technological advance — in combination with the relentless accumulation imperative — serves to amplify material progress. The expanding economic sphere begins to pervade the everyday lives and thinking of the individual. The institutionalization of the market fundamentally changes the structure of society and, in so doing, fundamentally changes the institutional structure through which individuals are socialized. The social dislocation generated therein prompts Karl Polanyi’s protective response. Despite this market intensification, the existence of the economic surplus undermines the syllogistics of market-determined pricing. Evidence of the economic surplus and Veblenian waste as well as of the fact that the competitive law of value is not operable under neoliberalism is found in the lobby industry and campaign contributions. This research seeks to explicitly connect the concepts of Polanyi’s protective response with Veblenian waste and the economic surplus in order to better understand how the irrational system of neoliberalism continues to evolve.

Citation

Wrenn, M. V. (2016). Neoliberalism, Polanyi’s Protective Response, and Veblenian Waste. Journal of Economic Issues, 50(2), 594-602. https://doi.org/10.1080/00213624.2016.1179069

• Journal Article Type: Article
• Acceptance Date: Jan 1, 2016
• Online Publication Date: May 12, 2016
• Publication Date: Apr 2, 2016
• Deposit Date: Mar 21, 2019
• Publicly Available Date: Mar 21, 2019
• Journal: Journal of Economic Issues
• Print ISSN: 0021-3624
• Electronic ISSN: 1946-326X
• Publisher: Taylor & Francis (Routledge)
• Peer Reviewed: Peer Reviewed
• Volume: 50
• Issue: 2
• Pages: 594-602
• DOI: https://doi.org/10.1080/00213624.2016.1179069
• Public URL: https://uwe-repository.worktribe.com/output/924653
• Publisher URL: https://doi.org/10.1080/00213624.2016.1179069
• Additional Information: Additional Information : This is an Accepted Manuscript of an article published by Taylor & Francis in Journal of Economic Issues on 12th May 2016, available online: https://doi.org/10.1080/00213624.2016.1179069.