“The economy as an instituted process of interaction serving the satisfaction of material wants forms a vital part of every human community. Without an economy in this sense, no society could exist for any length of time.”

— Karl Polanyi

Source: The Livelihood of Man (1977), Ch. 2 : The Two Meanings of Economic

Adopted from Wikiquote. Last update Aug. 9, 2021. History

Help us to complete the source, original and additional information

Do you have more details about the quote "The economy as an instituted process of interaction serving the satisfaction of material wants forms a vital part of ev…" by Karl Polanyi?

Karl Polanyi 10

economist, philosopher and historian 1886–1964

Robert Gilpin (1930–2018) Political scientist

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

“There is every indication that the period ahead will be an innovative one, one of rapid change in technology, society, economy, and institutions.”

Peter F. Drucker (1909–2005) American business consultant

Source: 1960s - 1980s, MANAGEMENT: Tasks, Responsibilities, Practices (1973), Part 3, p. 803 (last page)

“The world economy is not yet a community--not even an economic community…Yet the existence of the "global shopping center" is a fact that cannot be undone. The vision of an economy for all will not be forgotten again.”

Peter F. Drucker (1909–2005) American business consultant

The Age of Discontinuity (1969)
1960s - 1980s

“Without an industrial economy, the modern army, as in America, could not exist; it is an army of machines. Professional economists usually consider military institutions as parasitic upon the means of production. Now, however, such institutions have come to shape much of the economic life of the United States.”

C. Wright Mills book The Power Elite

The Power Elite (1956)

“No single financial institution should have holdings so extensive that its failure could send the world economy into another financial crisis … If an institution is too big to fail, it is too big to exist.”

Bernie Sanders (1941) American politician, senator for Vermont

[Huntley, Steve, Steve Huntley: Sanders the socialist sure gets it right on big banks, http://chicago.suntimes.com/politics/7/71/569095/sanders-socialist-sure-gets-right-big-banks, 1 May 2015, Chicago Sun-Times, 2 May 2015]
2010s, 2015

“A free society is as much a threat to the intellectual's sense of worth as an automated economy is to the workingman's sense of worth. Any social order that can function with a minimum of leadership will be anathema to the intellectual.”

Eric Hoffer (1898–1983) American philosopher

Source: The Ordeal of Change (1963), Ch. 12: "Concerning Individual Freedom". [In this passage "work, fight, talk, for liberty than have it" is a quotation of Lincoln Steffens from The Autobiography of Lincoln Steffens (1931), p. 635]
Context: To the intellectual the struggle for freedom is more vital than the actuality of a free society. He would rather "work, fight, talk, for liberty than have it." The fact is that up to now the free society has not been good for the intellectual. It has neither accorded him a superior status to sustain his confidence nor made it easy for him to acquire an unquestioned sense of social usefulness. For he derives his sense of usefulness mainly from directing, instructing, and planning — from minding other people's business — and is bound to feel superfluous and neglected where people believe themselves competent to manage individual and communal affairs, and are impatient of supervision and regulation. A free society is as much a threat to the intellectual's sense of worth as an automated economy is to the workingman's sense of worth. Any social order that can function with a minimum of leadership will be anathema to the intellectual.
The intellectual craves a social order in which uncommon people perform uncommon tasks every day. He wants a society throbbing with dedication, reverence, and worship. He sees it as scandalous that the discoveries of science and the feats of heroes should have as their denouement the comfort and affluence of common folk. A social order run by and for the people is to him a mindless organism motivated by sheer physiologism.

“If our commitment to remain an open society is one of the pillars of our nationhood, the other is our commitment to remain an open economy. An economy that guarantees the freedom of enterprise, respects individual creativity, and at the same time mobilizes public investment for social infrastructure and the development of human capabilities. Indeed, it would be no exaggeration to suggest that these are the principles to which all countries will increasingly want to adhere. In relating to the world, we must never lose sight of this vital aspect of our Nationhood.”

Manmohan Singh (1932) 13th Prime Minister of India

As quoted in "Speech by Prime Minister Dr. Manmohan Singh at India Today Conclave, New Delhi" http://www.mea.gov.in/Speeches-Statements.htm?dtl/2464/, Ministry of External Affairs (India) (25 February 2005)
2001-2005

“Communication – which in the end is what the digital technology and media are all about – is not just a sector of the economy. Communication IS the economy.”

Kevin Kelly (1952) American author and editor

Out of Control: The New Biology of Machines, Social Systems and the Economic World (1995), New Rules for the New Economy: 10 Radical Strategies for a Connected World (1999)

“It is accepted fact that the world has been moving from an economy of goods to an economy of knowledge. And knowledge is the single most important resource to any advanced society.”

Francis Escudero (1969) Filipino politician

2009, Speech: The Socio-Economic Peace Program of Senator Francis Escudero

“The proper form of economy must be observed in building houses for each and every class.”

Vitruvius book De architectura

Source: De architectura (The Ten Books On Architecture) (~ 15BC), Book I, Chapter II, Sec. 9

“The economy as an instituted process of interaction serving the satisfaction of material wants forms a vital part of every human community. Without an economy in this sense, no society could exist for any length of time.”

Help us to complete the source, original and additional information

Karl Polanyi 10

Related quotes

Related topics