List's Big Ideas
List argues that a nation may temporarily sacrifice this in the short run (ex: higher prices) to build long‑run productive capacity.
What is immediate wealth/consumption?
Polanyi calls land, labor, and money “fictitious” types of these because they were not originally produced for sale.
What are commodities?
List criticizes this Scottish economist’s universalist free‑trade doctrine, arguing it ignores national development stages and power politics?
Who is Adam Smith?
This German economist argued that ________, not individuals, are the proper unit of analysis in political economy, opposing Adam Smith’s cosmopolitan “world market” view.List sharply distinguishes productive forces from these, which he sees as mere results of production rather than its deeper foundation.
What are nations?
This author wrote The Great Transformation, arguing that the 19th‑century attempt to create a self‑regulating market system “disembedded” the _____ from ______.
What is "economy" from "society"?
While List emphasizes national productive power, Polanyi warns that subordinating society to this type of power (capitalist markets) threatens social cohesion.
What is market (or capitalist) power?
For List, this 19th‑century country is the model “industrial nation” whose development strategy, centered on railways, tariffs, and manufacturing, he urges others, like Germany, to emulate.
What is Great Britain?
Polanyi’s core claim is that a “self‑regulating market” requires society to be split into these two spheres, with the economy supposedly operating independently.
What are the economic and political spheres?
Both authors, in different ways, worry about this long‑distance form of exchange, which can lock weaker countries into subordinate roles through trade in raw materials and manufactured goods.
What is international (or external) free trade?
List sharply distinguishes productive forces from these, which he sees as mere results of production rather than its deeper foundation.
What are exchange values (for wealth)?
Polanyi describes this “double” process, in which the expansion of markets provokes protective social and political counter‑measures.
What is the double movement?
List sees these cross‑border arrangements, common tariffs, and shared infrastructure among states at similar levels of development as a legitimate higher stage of national economic integration.
What is a customs union?
List insists that free trade is only beneficial among nations at similar stages of industrial development; otherwise it locks weaker states into this subordinate role, exporting raw materials and importing manufactures.
What is an agricultural (or dependent) satellite of stronger powers?
Polanyi argues that, before the 19th century, most economic systems were organized around three principles: reciprocity, redistribution, and _____, meaning production for one’s own use
What is householding (or oikonomia)?
List’s “industrial nation” project and Polanyi’s critique of market society both assume that economic organization is ultimately constrained by this broader structure of institutions and power.
What is society (or the social order / social and political institutions)?