Adam Smith 2.0

Primarily, it must be clarified that while Adam Smith is a great thinker and extremely influential, he has no place on the Cool Island. Sorry Adam, but your theory of market liberalism is quite flawed.

This allows me to introduce our newest member to the Cool Island: Mr. Karl Polanyi. And, like our Father Mr. Antonio Gramsci, let this be the first of many posts citing the brilliance and wisdom that our dear friend shares with us via The Great Transformation.

Polanyi Wisdom #1: "Laissez-fair was planned; planning was not." There is nothing natural about the free market (sorry Adam). In fact, the free market was implemented by the state. The invisible hand is not so invisible. However, what the state did not plan was the extreme backlash prompted by the free market. The disembedding of markets (planned) caused extreme social dislocation and thus a response from civil society (un-planned).

Official Score: Polanyi 100
Smith 0