“The market is sovereign and in the magic economy of the small entrepreneur there is no authoritarian center… in the political sphere… the equilibrium of powers prevails, and hence there is no chance of despotism.”

Source: The Power Elite (1956), P. 242, describing the view commonly held in the eighteenth century.

Adopted from Wikiquote. Last update June 3, 2021. History

Help us to complete the source, original and additional information

Do you have more details about the quote "The market is sovereign and in the magic economy of the small entrepreneur there is no authoritarian center… in the pol…" by C. Wright Mills?

C. Wright Mills55

American sociologist 1916–1962

Peter Dicken (1938) British geographer

Source: Global Shift (2003) (Fourth Edition), Chapter 17, Making a Living in Developing Countries, p. 569

“Authoritarian governments are now trying to ensure that the increasingly free flow of ideas and information through cyberspace fuels their economies without threatening their political power.”

Ian Bremmer (1969) American political scientist

"Democracy in Cyberspace," Foreign Affairs (November/December 2010).

“With this, we are introduced to a unique American contribution to political science: dual federalism and dual sovereignty. The states are sovereign within the spheres of the powers that are reserved to them by the Constitution. They are not sovereign in those things that are delegated to the United States as a whole.”

Harry V. Jaffa (1918–2015) American historian and collegiate professor

2000s, The Real Abraham Lincoln: A Debate (2002), Rebuttal

“The parallel existence and mutual interaction of "state" and "market" in the modern world create "political economy"; without both state and market there could be no political economy.”

Robert Gilpin (1930–2018) Political scientist

Source: The Political Economy of International Relations (1987), Chapter One, Nature of Political Economy, p. 8

“At the center of market fundamentalism lies the general acceptance of the Walrasian general equilibrium model, or the neo-classical paradigm. Although many economists came to doubt the universal validity of such models in view of economies of scope, bounded rationality, asymmetric information, and other types of market imperfections and ventured into institutional analysis, the orthodoxy still remains the one which postulate some type of rationality of atomized individuals and the market which mediate among these atomized individuals and firms to reach some stable equilibrium.”

Eisuke Sakakibara (1941) Japanese economist and critic

The End of Market Fundamentalism (1999)

“Plainly, the most powerful exception to the notion of a voluntary excahnge in a market economy is the labor market.”

Mimi Abramovitz (1941) non-fiction writer

The existence of a market for labor is one of the distinguishing features of a market economy: workers compete to sell their labor at the most favorable price—meaning, in practice, the highest possible wage. At the same time, however, it is clear that the market for labor is qualitatively different from the market for goods, because workers need to sell their labor to survive.
Joel Blau and Mimi Abramovitz, The Dynamics of Social Welfare Policy (Oxford University Press: 2010) p. 68

“In figure 3 we show the money and domestic asset market equilibrium schedules for given stocks of each of the assets. Along MM the domestic money market is in equilibrium. Higher interest rates reduce money demand so that equilibrium requires a depreciation and thus a rise in the domestic currency value of foreign assets and - hence wealth. The exchange rate thus plays a balancing role by affecting the valuation of assets.”

Rudiger Dornbusch (1942–2002) German economist

Source: Open economy macroeconomics, 1980, p. 14

“Keynes tried to show that market economies could settle in equilibrium states in which the labour market did not clear, and in which the level of unemployment was high. He believed that this was due to a particular example of market failure, developed in his concept of effective demand.”

Paul Ormerod book The Death of Economics

Part II, Chapter 7, Attractor Points, p. 140
The Death of Economics (1994)

“It is always from the depths of its impotence that each power center draws its power, hence their extreme maliciousness, and vanity”

Gilles Deleuze (1925–1995) French philosopher

Source: A Thousand Plateaus: Capitalism and Schizophrenia