Premium Essay

Polanyi Ch 5

In: Other Topics

Submitted By yesjess
Words 402
Pages 2
In Chapter 5, Evolution of the Market Pattern, Polanyi proposes that we evaluate the “nature and origin of markets” in order to refute 19th century “economic superstitions” (59). Polanyi highlights that “instead of the economy being embedded in social relations, social relations are embedded in the economic system” (60). Basically, the economy is not based off of our actions and values but vice versa. As Dr. Weiler expressed in lecture, certain principles that were once highly regarded such as labor and land, were reduced and transformed into services so that the economy, or more specifically profit, could become the supreme value in society. Ultimately, a society must become a market society so that a market economy can function.
Polanyi then reveals the step that allowed the transition of “isolated markets into a market economy, regulated markets into a self-regulating market” (60). He argues that it wasn’t a “natural outcome of spreading markets” (60). Instead, it was a consequence of “artificial stimulants” which were created by an “artificial phenomenon” (60). For example, national markets were not a product of individual barter or even long distance trade. National markets arose from state intervention.
In Chapter 6, The Self Regulating Market and the Fictitious Commodities: Labor, Land, and Money, Polanyi reemphasizes the notion that the economy is not based off of our actions and values. He states “a market economy is an economic system controlled, regulated, and directed by markets alone” (71). It’s assumed that a market economy is self-regulating, and that people act rationally so that they can maximize money gains. There is also an implicit understanding that the market set prices and that there is a market for everything.
As aforementioned, land and labor were once highly regarded and even protected- mercantilism “protected these two basic…...

Similar Documents

Free Essay

Met 101 Ch 5 Focuus

...SCI 100 – Meteorology: Chapter 5 Focus Questions and Topics to Study Comprehensively describe the “adiabatic process”? (Hint: see Fig. 5.2 on page 119) Explain why the moist adiabatic rate and dry adiabatic rate are different. List and describe the ways, both at the surface and aloft, the atmosphere be made more stable. List and describe the ways, both at the surface and aloft, the atmosphere be made more unstable. Chapter 5 Questions and Topics to Study (cont’d) There are three main classifications of atmospheric stability. Describe the one known as “conditionally unstable” and relate it to cloud growth. Explain why an inversion represents a very stable atmosphere. What (general) type of clouds would you expect to see... ...in a stable atmosphere? ...in an unstable atmosphere? List the four primary ways clouds form, hence the four lifting mechanisms, as seen on Fig 5.10. Chapter 5 Questions and Topics to Study (cont’d) Describe the process of convectional lifting. Describe the process of orographic lifting using the classic “wind over the mountain” example. Be sure to understand why it is warmer and drier on the leeward side of some mountain ranges. Know the main aspect of the collision & coalescence......

Words: 303 - Pages: 2

Premium Essay

Introduction to Managerial Accounting Ch 5 Foundational 15

...income Units 900 $ $ 8.00 per unit 1 unit 8.00 Per unit $ 20.00 $ 12.00 $ 8.00 5. Sales Variable expenses Contribution margin Fixed expenses Net operating income 6. Sales Variable expenses Contribution margin Fixed expenses Net operating income $ 18,000.00 $ 10,800.00 $ 7,200.00 $ 6,000.00 $ 1,200.00 Units 900 Per unit $ 16,200.00 $ 18.00 $ 9,720.00 $ 10.80 $ 6,480.00 $ 7.20 $ 6,000.00 $ 480.00 7 Sales Variable expenses Contribution margin Fixed expenses Net operating income 1250 $ 25,000.00 $ 16,250.00 $ 8,750.00 $ 7,500.00 $ 1,250.00 $ $ $ 20.00 13.00 7.00 8 Profit $6,000.00 $8.00 = = = = = = Unit CM X Q - Fixed expenses 750 units 9. Profit $6,000.00 40.00% = = = = = CM ration X Sales - Fixed Expenses $15,000 10 Profit $5000+$6000 $8 11 Sales Break-even sales at units Margin of safety (in dollars) Margin of safety (in dollars) Sales Margin of safety percentage = = = = = = Unit CM X Q - Fixed expenses 1,375 $ 20,000.00 $ 15,000.00 $ 5,000.00 $ 5,000.00 $ 20,000.00 25.00% Units 12 Contribution margin Net operating income Degree of operating leverage Degree of operating leverage % increase in sales % increase in net operating income $ $ 8,000.00 2,000.00 4.0 4 5% 20% 13 14 Contribution margin Net operating income Degree of operating leverage $ $ 14,000 2,000 7.0 15 Degree of operating leverage % increase in sales % increase in net operating income 7.0 5% 35% Units sold 1000 ...

Words: 371 - Pages: 2

Premium Essay

Wk 3 Ch 5 and 6 Exercises

...Ch.5 Problems and Exercises 1. One of the potential problems mentioned in this chapter with gathering information requirements by observing potential system users is that people may change their behavior when observed. What could you do to overcome this potentially confounding factor in accurately determining information requirements? (Hoffer 148) Employees under observation do in fact act differently than if they were left alone. One way to circumvent the process is to watch them when they do not know they are being observed. Observing over time is another way to be unobtrusive in their environment. An employee acting natural is the key to business operations data collection success. The analyst could also develop anonymous interviews, anonymous surveys, etc to get a more accurate depiction of employee and business operations. Utilizing multiple data collections would result in more accurate data assessments. 3. Suppose you were asked to lead a JAD session. List ten guidelines you would follow in playing the proper role of a JAD session leader. (Hoffer 148) JAD sessions need to be conducted absent workplace. Attendees need to be briefed on the reasoning behind the JAD session with written agendas handed out to each one. All matters MUST be neutral in support (Do not sway one way or another). Participation is a must; each attendee needs to be proactive in the session to handle the issues at hand. Ground rules and issues will be noted during the session while......

Words: 470 - Pages: 2

Premium Essay

Chern Ch 5

...Katharina Riss Cecelia Hardwick Jill Mendelsohn Adam Brown Alex Soucek Chapter 5: Forecasting and Planning Through an analyzing of Chern’s internal labor market, we came up with the following results. If the company expects to maintain its current staffing levels, it is likely to have to hire 60 FTSA from outside the organization. Therefore, in order to hire 60 FTSA, we would need 1,780 applicants. 534 will be job candidates of which we provide 80 offers (Table 1 and 2). Table 1: Transition Probability Matrix for Chern’s Flagship Store Job Category | FTSA (%) | PTSA (%) | DEP (%) | BUY (%) | MER (%) | Exit (%) | Current # of Employees | FTSA | 50 | 15 | 5 | 5 | 5 | 20 | 140 | PTSA | 30 | 50 | 0 | 5 | 0 | 15 | 30 | DEP | 5 | 0 | 75 | 0 | 0 | 20 | 15 | BUY | 0 | 0 | 0 | 65 | 5 | 30 | 5 | MER | 0 | 0 | 0 | 0 | 80 | 20 | 8 | Table 2: Forecasting Employees Using the Transition Probability Matrix for Chern’s Flagship Store Job Category | FTSA | PTSA | DEP | BUY | MER | Exit | Current # of Employees | FTSA | 70 | 21 | 7 | 7 | 7 | 28 | 140 | PTSA | 9 | 15 | 0 | 2 | 0 | 5 | 30 | DEP | 1 | 0 | 12 | 0 | 0 | 3 | 15 | BUY | 0 | 0 | 0 | 4 | 1 | 2 | 5 | MER | 0 | 0 | 0 | 0 | 7 | 2 | 8 | Forecast of 2013 | 80 | 36 | 19 | 13 | 15 | 40 | | | Deficit | Surplus | Surplus | Surplus | Surplus | Exit | | Career One Stop provides current and projected employment trends. Retail Salespeople make up the large majority of Chern’s employees. They also......

Words: 995 - Pages: 4

Premium Essay

Bmgt 2020 Ch 4, 5, 6 Assignment

...approach was to task analysis was used: 1. List typical tasks, 2. Survey staff, 3. Observe the classroom, 4. Conduct structured interviews, 5. Prepare and present a final report. Use of the task analysis allowed for input from all stakeholders, use of multiple methods, rating of tasks, view of broad perspective. The Task Analysis Process includes: Overall Job Description; Task identification; Identify What I Takes to Do the Job; Identify the Areas That Cam Most Benefit from Training or HRD; Prioritize Training Needs. Conversely, Boeing used the Task Analysis approach to assess expert CAD-CAM user’s thinking fo solving problems, dealing with uncertainty, and minimizing risk 4. Is a performance appraisal the same as person analysis? Why or Why not? No they are not the same. Personal analysis is directed at determining the training needs of the individual employees. Where, Performance appraisal is a tool used to collect person analysis data. Performances are periodic. 5. What part does a needs analysis play in this process? Need assessment is the process by which an organization’s HRD needs are identified and articulated. It is the starting point of the HRD and training process. PartB: Chapter five  Complete exercise two found on page 165, then prepare a lesson plan for the training topic according to figure 5-2 2. Why do you suppose the five categories of classroom training are so popular in HRD? Identify two types of training......

Words: 818 - Pages: 4

Premium Essay

Bus 490 Wk 5 Quiz 4 Ch. 4 - All Possible Questions

...BUS 490 WK 5 Quiz 4 Ch. 4 - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/BUS-490-WK-5-Quiz-4-Ch-4-All-Possible-Questions-BUS4904.htm BUS 490 WK 5 Quiz 4 Ch. 4 - All Possible Questions 1) Opportunities are a firm's distinctive competencies that cannot be easily matched or imitated by competitors. 2) The process of performing an internal audit, compared to the external audit, provides more opportunity for participants to understand how their jobs, departments and divisions fit into the whole organization. 3) An internal audit task force of managers could be charged with determining a specific number (usually 10 to 20) of the most important strengths and weaknesses. 4) Proponents of the resource-based view argue that external factors are more important than internal factors for a firm in achieving and sustaining competitive advantage 5) The basic premise of the research-based view is that the mix, type, amount and nature of a firm's internal resources should be considered first and foremost in devising strategies that can lead to sustainable competitive advantage. 6) The subtle, elusive and largely unconscious forces that shape the workplace are captured by the organizational culture. 7) Cultural products include values, beliefs, stories, and language. 8) Metaphors are handed-down narratives of some wonderful event that are based on history but have been embellished with fictional detail. 9) A ritual is a......

Words: 974 - Pages: 4

Premium Essay

Bus 490 Wk 6 Quiz 5 Ch. 5 - All Possible Questions

...BUS 490 WK 6 Quiz 5 Ch. 5 - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/BUS-490-WK-6-Quiz-5-Ch-5-All-Possible-Questions-BUS4905.htm BUS 490 WK 6 Quiz 5 Ch. 5 - All Possible Questions 1) Long-term objectives represent the results expected from pursuing certain strategies. 2) Objectives provide direction and allow for organizational synergy. 3) Strategic objectives include those associated with growth in revenues, growth in earnings, higher dividends, larger profit margins and improved cash flow. 4) Strategic objectives include larger market share, quicker on-time delivery than rivals, quicker design-to-market times than rivals, lower costs than rivals, and wider geographic coverage than rivals. 5) "If it ain't broke, don't fix it" refers to managing by crisis. 6) The overall aim of the Balanced Scorecard is to balance financial objectives with strategic objectives. 7) Since a combination strategy bears no risk, many organizations pursue a combination of two or more strategies simultaneously. 8) Horizontal integration is seeking ownership or increased control over competitors. 9) Divestiture is selling all of a company's assets, in parts, for their tangible worth. 10) A chief executive officer is located in the divisional level of a large firm. 11) Gaining ownership or increased control over distributors or retailers is called forward integration strategy. 12) Franchising is an effective......

Words: 948 - Pages: 4

Premium Essay

Bus 490 Wk 6 Quiz 5 Ch. 5 - All Possible Questions

...BUS 490 WK 6 Quiz 5 Ch. 5 - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/BUS-490-WK-6-Quiz-5-Ch-5-All-Possible-Questions-BUS4905.htm BUS 490 WK 6 Quiz 5 Ch. 5 - All Possible Questions 1) Long-term objectives represent the results expected from pursuing certain strategies. 2) Objectives provide direction and allow for organizational synergy. 3) Strategic objectives include those associated with growth in revenues, growth in earnings, higher dividends, larger profit margins and improved cash flow. 4) Strategic objectives include larger market share, quicker on-time delivery than rivals, quicker design-to-market times than rivals, lower costs than rivals, and wider geographic coverage than rivals. 5) "If it ain't broke, don't fix it" refers to managing by crisis. 6) The overall aim of the Balanced Scorecard is to balance financial objectives with strategic objectives. 7) Since a combination strategy bears no risk, many organizations pursue a combination of two or more strategies simultaneously. 8) Horizontal integration is seeking ownership or increased control over competitors. 9) Divestiture is selling all of a company's assets, in parts, for their tangible worth. 10) A chief executive officer is located in the divisional level of a large firm. 11) Gaining ownership or increased control over distributors or retailers is called forward integration strategy. 12) Franchising is an effective......

Words: 948 - Pages: 4

Free Essay

Ch 5 Questions

...sells three products. Sales and contribution margin ratios for the three products follow:   | Product X | Product Y | Product Z |   Sales in dollars | $26,000    | $46,000    | $106,000    |   Contribution margin ratio | 51%   | 46%   | 21%   |   Given these data, the contribution margin ratio for the company as a whole would be: (Round your intermediate calculations to 2 decimal places. Round your answer to whole percentage.) | | 32% | | 49% | | 39% | | it is impossible to determine from the data given. | 4) Cindy, Inc. sells a product for $10 per unit. The variable expenses are $5 per unit, and the fixed expenses total $30,100 per period. By how much will net operating income change if sales are expected to increase by $43,000? | | $21,500 increase | | $40,850 increase | | $8,600 decrease | | $12,900 increase | 5) Pool Company's variable expenses are 27% of sales. Pool is contemplating an advertising campaign that will cost $19,100. If sales increase by $79,100, the company's net operating income should increase by: (Do not round intermediate calculations.) | | $38,643 | | $71,686 | | $21,357 | | $10,123 | 6) Data concerning Runnells Corporation's single product appear below: |   | Per Unit | Percent of Sales |   Selling price | $170    | 100%     |   Variable expenses | ------------------------------------------------- 85    | ------------------------------------------------- 50%......

Words: 540 - Pages: 3

Premium Essay

Ch 5-8

...Chapter 5: 1. Interest rates are quoted on a annual, semi-annual, quarterly, and monthly basis. Interest rates are reported as effective annual rates or annual percentage yield most commonly. Another type of interest rate is known as annual percentage rate. An example of this is Kim is taking out a loan on a house and the annual percentage rate is 4.2%. A different example would be Lisa is taking out a loan on a car and the annual percentage rate is 2.99%. A third example is Travis deposited money into his savings account accumulating interest at a rate of 2.8% semi-annually. 2. Computing loan payments and balances requires that the quoted rates match up with the number of periods. One example is buying something on a credit card. The annual percentage rate for the credit card company is 13.98%. In order to solve for how much interest you have accrued after 5 months. You could first divide the Apt by 12 months in order to convert it to a monthly percentage. Then you would pull up excel and use the payment function. You can also compute the balance of a loan by using excel and the function present value rather than the payment function. 3. Inflation affects our evaluation of interest rates that are given to us from loan agencies or by banks. A higher interest rate represents that the costs to the investment are worth more than the benefits. Higher interest rates are unattractive to those looking for loans. There are also interest rates that allow for money to be......

Words: 1925 - Pages: 8

Premium Essay

Accounting Ch 5 Hw

...Miles Cohen 701465100 Chapter 5 Auditing homework Review Checkpoints (1-17, 19-22, 24-32) 1) The 3 goals of an internal control system according to COSO is (1) Reliability of financial reporting, (2) Effectiveness and efficiency of operations, (3) compliance w/ applicable laws and regulations 2) Human error due to mistakes in judgment, fatigue and carelessness can still occur 3) Reasonable assurance recognizes that the costs of controls should not exceed the benefits that are expected from the controls 4) * Management is responsible for establishing and maintaining adequate internal control over financial reporting, Auditors are responsible for evaluating and finding any risk for the internal control effectiveness 5) Control risk is the probability that an entity’s controls will fail to prevent or detect material misstatement due to error or frauds. 6) To see if the client’s internal control is effective at controlling control risk. 7) Control risk adversely affects all 3 aspects 8) 5 components of management’s internal control (1) control environment, (2) Risk assessment, (3) control activities, (4) Monitoring and (5) information and communication 9) The control environment is the tone set for the organization as the foundation for all other components of internal control 10) Audit committee is a subcommittee of the BOD that is generally composed of 3-6 independt members in the entity’s day-to-day management of the organizations BOD. 11) Risk......

Words: 717 - Pages: 3

Free Essay

Eco 305 Wk 5 Homework Ch 8

...ECO 305 WK 5 HOMEWORK CH 8 To purchase this visit here: http://www.activitymode.com/product/eco-305-wk-5-homework-ch-8/ Contact us at: SUPPORT@ACTIVITYMODE.COM ECO 305 WK 5 HOMEWORK CH 8 ECO 305 WK 5 Homework Ch 8 - 6(a-d) Activity mode aims to provide quality study notes and tutorials to the students of ECO 305 WK 5 Homework Ch 8 in order to ace their studies. ECO 305 WK 5 HOMEWORK CH 8 To purchase this visit here: http://www.activitymode.com/product/eco-305-wk-5-homework-ch-8/ Contact us at: SUPPORT@ACTIVITYMODE.COM ECO 305 WK 5 HOMEWORK CH 8 ECO 305 WK 5 Homework Ch 8 - 6(a-d) Activity mode aims to provide quality study notes and tutorials to the students of ECO 305 WK 5 Homework Ch 8 in order to ace their studies. ECO 305 WK 5 HOMEWORK CH 8 To purchase this visit here: http://www.activitymode.com/product/eco-305-wk-5-homework-ch-8/ Contact us at: SUPPORT@ACTIVITYMODE.COM ECO 305 WK 5 HOMEWORK CH 8 ECO 305 WK 5 Homework Ch 8 - 6(a-d) Activity mode aims to provide quality study notes and tutorials to the students of ECO 305 WK 5 Homework Ch 8 in order to ace their studies. ECO 305 WK 5 HOMEWORK CH 8 To purchase this visit here: http://www.activitymode.com/product/eco-305-wk-5-homework-ch-8/ Contact us at: SUPPORT@ACTIVITYMODE.COM ECO 305 WK 5 HOMEWORK CH 8 ECO 305 WK 5 Homework Ch 8 - 6(a-d) Activity mode aims to provide quality study notes and tutorials to the students of ECO 305 WK 5 Homework Ch 8 in order to ace their......

Words: 593 - Pages: 3

Free Essay

Eco 305 Wk 3 Homework Ch 5

...305 WK 3 HOMEWORK CH 5 To purchase this visit here: http://www.activitymode.com/product/eco-305-wk-3-homework-ch-5/ Contact us at: SUPPORT@ACTIVITYMODE.COM ECO 305 WK 3 HOMEWORK CH 5 ECO 305 WK 3 Homework Ch 5 - 16(a-c), 17(a-d), 18(a-b), Ch 6 - 1 Activity mode aims to provide quality study notes and tutorials to the students of ECO 305 WK 3 Homework Ch 5 in order to ace their studies. ECO 305 WK 3 HOMEWORK CH 5 To purchase this visit here: http://www.activitymode.com/product/eco-305-wk-3-homework-ch-5/ Contact us at: SUPPORT@ACTIVITYMODE.COM ECO 305 WK 3 HOMEWORK CH 5 ECO 305 WK 3 Homework Ch 5 - 16(a-c), 17(a-d), 18(a-b), Ch 6 - 1 Activity mode aims to provide quality study notes and tutorials to the students of ECO 305 WK 3 Homework Ch 5 in order to ace their studies. ECO 305 WK 3 HOMEWORK CH 5 To purchase this visit here: http://www.activitymode.com/product/eco-305-wk-3-homework-ch-5/ Contact us at: SUPPORT@ACTIVITYMODE.COM ECO 305 WK 3 HOMEWORK CH 5 ECO 305 WK 3 Homework Ch 5 - 16(a-c), 17(a-d), 18(a-b), Ch 6 - 1 Activity mode aims to provide quality study notes and tutorials to the students of ECO 305 WK 3 Homework Ch 5 in order to ace their studies. ECO 305 WK 3 HOMEWORK CH 5 To purchase this visit here: http://www.activitymode.com/product/eco-305-wk-3-homework-ch-5/ Contact us at: SUPPORT@ACTIVITYMODE.COM ECO 305 WK 3 HOMEWORK CH 5 ECO 305 WK 3 Homework Ch 5 - 16(a-c), 17(a-d), 18(a-b), Ch 6 - 1 Activity......

Words: 665 - Pages: 3

Premium Essay

Management Ch 5-9

...Stroud, Jenna/MAN3052/56856/Homework Assignments Part 2 Questions All of my remaining work from this and previous chapters will be in by Sunday the 10th. I am in 5 classes (bad idea) and I am doing all that I can, including requesting off a day from work, to catch up so I can hopefully graduate this May. Chapter 10 Term examples: Topics for discussion and action: 1. Would a flexible or a more formal structure be appropriate for these organizations: (a) a large department store, (b) a Big Five accountancy firm, (c) a biotechnology company? (a.) For the large department store the organization should use a formal structure. The retail industry is for the most part a stable environment, which the formal structure is useful for. This also means that the availability of resources is high and uncertainty is low, which would require less coordination and communication among the people and functions. There is a clearly defined hierarchy in which most decisions are made by top management. (b.) A Big Five accountancy firm should use a flexible structure due to their staffed of highly skilled professionals. Flexible structure will help to speed up the decision making and communication process. It will also make it easier to obtain resources and it will allow for more independence for lower level workers. (c.) A biotechnology company will need a flexible structure. People work in teams and need decentralized power to ne able to communicate freely and develop norms to guide......

Words: 2870 - Pages: 12

Premium Essay

Ch 5 Marketing Notes

...Chapter 5 Key terms Consumer Learning- is a process that evolves and changes as consumers acquire knowledge from experience, observation, and interactions with others and newly acquired knowledge affects future behaviour. Cues- are stimuli that direct motivated behaviour Response- is an individuals reaction to a drive or cue. Reinforcement- is the rewrd - the pleasure, enjoyement, and benefits - that the consumer receives after buying and using a product or service. Behaviour learning - is sometimes referred to as stimulus-response learning because it is based on the premise that observable to specfic external stimuli that learning has taken place. Classical conditioning- is viewed as a "knee-jerk" (or automatic) response taht builds up through repeated exposure and reinforcement. Unconditioned stimulus- feeling sad when you think about a best freind from whom you are now seperated is a natural, human response ( a stimulus taht occurs natually in response to given circumstances) Conditioned stimulus - stimulus taht become associated with a particular event or feeling as a result of repetition. Conditioned response - feeling sad whenever you hear the music ( response to conditioned stimulus). Cognitive associative learning - not the acquisition of new reflexes, but the acquisition of new knowledge about the world. Repetition- is the key to forming associations between brands and fulfillment of needs. Advertising wear out- Repetition increases the strength of the......

Words: 1130 - Pages: 5