Unit 9 - Boundaries of the Market

What is Karl Polanyi's concept of 'fictitious commodities'?

Land, labor, and money are treated as commodities despite not being produced for sale.

What is the 'double movement' in Polanyi's theory?

Society pushes back with protections when markets expand too far.

Give an example of a double movement.

Labor laws responding to worker exploitation from unregulated capitalism.

What does it mean that market boundaries are culturally defined?

Cultural norms determine what is acceptable to buy or sell.

What shift does Zelizer describe in 'Pricing the Priceless Child'?

Children changed from being economic workers to emotionally priceless beings.

What are the moral limits of markets?

Some goods (e.g., organs, votes) are considered unethical to sell, regardless of demand.

Give an example of something beyond the moral boundary of markets.

Selling human organs is often banned despite potential efficiency.

What is the difference between market exchange and gift exchange?

Market exchange is immediate and monetary; gift exchange is relational and often symbolic.

Why is organ sale banned in many countries?

It's considered morally unacceptable despite market demand.

How does child labor reflect changing market boundaries?

Legal reforms redefined childhood, removing children from labor markets.

Give an example of a market regulation that reflects social pushback

Minimum wage laws protect workers from full commodification.