Market Society Vs Command System

In history, there has always been two ways of achieving production, through tradition and command. Both of these systems produce products in a specific quantity. A market society is an economics system that did not follow such methods. A Market society would produce additional products to be sold for the purpose of creating a greater income. This was a quality that previous society did not acquire. The whole system of the market society is unprecedented (Polanyi 167). Unlike the traditional and command system, the market society embeds all social relation in the economy. In traditional and command system the economy is rooted in social relations (Polanyi 167). According to Karl Polanyi, the market society is a self-regulating system, it is …show more content…
It is characterized as a market that is controlled, regulated and directed by the market alone (Polanyi 175). With this, the market also regulates and sets the rules of production and distribution without outside interference (Polanyi 167). Although this system is needed to be self-regulating it could be at times problematic. For instance, because of the way the market is controlled, there may be occasional unequal distributions of goods as well as an unequal division of labour (Heilbroner 162). Which then create a huge gap between rich and poor therefore leaving an economic problem that nobody can physically fix. Though currently we live in a world controlled by a market society that was not always been the case. The economic market was not always self-regulating but instead, the economy used to be regulated by social …show more content…
This ideology was developed in the market society because individuals begun to produce material goods to earn more money, rather than producing goods for a community or for the purpose of exchange and trade (Rinehart 183). Prior to the industrial revolution, individuals would only produce enough for their community and then would stop producing since there was no purpose. However in the market society, individual’s financial gain is considered to the most important thing. Individuals would produce goods for the purpose of accomplishing success by making more money. Individuals would now work in production facilities producing large amount of products and this shift is the creation of the market society. It has given people a new purpose of life. Individuals start to guard their wealth by working harder to fill their own self- satisfactions. Rinehart has explained that this starts to become where economic relations rule over social relations. This means that society starts to give more attention to the economy than their social