The Polanyi and Money Series
 

This series of blogs, by Wesley C. Marshall, will venture into terrain that is all but abandoned by economics: the ultra-market monetary spaces where monetary transactions and institutional practice cannot be properly understood by market function or market-based logic of profit.  Conventional economists do indeed wade into such unknown terrain, yet armed only with intuition based on their market-based frames of reference, errors quickly appear. There are several guides to lead us through such areas.  However, Polanyi is perhaps the only one who deliberately provides economics with the "intellectual tools" necessary to analyze social monetary spaces, as well as the reasons why the methodology of conventional economics leaves it unfit for the task.  Applying a Polanyian framework, the series will specifically focus on several objects of current economic debate, such as central bank independence and the international monetary order.