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The Return of Karl Polanyi  

Karl Polanyi, whose ideas took form in 1920s Vienna in direct opposition to the free-market orthodoxy of Ludwig von Mises, has gained belated recognition as one of the most important thinkers of the twentieth century. His central argument, contra von Mises, is that a self-regulating economic system is a completely imaginary construction, impossible to achieve or maintain.



Socialist thought provides us with an imaginative and moral horizon.

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