“He has a sense that this notion of a self-made market, this kind of natural market order that gets posited in economics, is in some respects, a myth. This is why we teach Karl Polanyi to our students; he brings home to them this very important point that markets are not self-sustaining and they’re not inevitable. Actually, it’s really quite unhelpful to think about political economy in terms of a dichotomising opposition between the state on the one hand and the market on the other. The notion that these two are involved in some sort of tug of war where one wins and the other loses or one gains at the other's expense does not makes sense in a Polanyian framework.”
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