Briefly explain the role Joseph Schumpeter and Karl Polanyi’s work had on Wallerstein’s theories.
What will be an ideal response?
Wallerstein’s history of economic development is also influenced by the work of two renowned economists: Joseph Schumpeter and Karl Polanyi. Schumpeter saw capitalism imploding on itself because of moments of “creative destruction” in which the constant, beneficial innovations sparked by the entrepreneurial spirit would in time lead to the rise of monopolies that are better able to withstand the costs associated with “progress.” Polanyi details the role that governments played in supporting the economic interests of the rising bourgeoisie. Polanyi’s investigations led him to construct a “substantive” approach to the study of economics. Akin to anthropological studies, this approach was based on the premise that economic systems and modes of exchange are not separate from but, rather, are embedded in broader social and cultural relations.
You might also like to view...
Women are sometimes referred to as a minority in the United States because
a. they constitute less than 50 percent of the U.S. population. b. they do not possess as much wealth, prestige, or power as men. c. they are physically smaller. d. All of these are accurate.
The 1910 Flexner Report resulted in higher medical standards but also limited access to medical education and care.
Answer the following statement true (T) or false (F)
A ______ theorist would be most likely to ask why "environmental labor" is free.
A. conflict B. structural functionalist C. symbolic interactionist D. feminist
An important element added to population thinking by J.S. Mill was that
a. a sudden increase in income would promote thrift and provide a motivation to limit fertility. b. social aspiration is the root cause of a desire to limit fertility. c. population growth leads to greater societal specialization. d. populations over time have transitioned from high birth and death rates to low birth and death rates.