THE DEBATE IN THE GREAT TRANSFORMATION: LUDWIG VON MISES, FRIEDRICH HAYEK E KARL POLANYI ON CAPITALISM, SOCIALISM AND MARKETS

Abstract

The socialist calculation debate, initiated by Ludwig von Mises, counted with Karl Polanyi and Friedrich Hayek among its participants, molding their intellectual endeavors in multiple ways. This article reviews some of their contributions for this debate about the nature and place of markets, indicating how it contributed to consolidate a neoliberal approach to institutionalist political economy, but also Karl Polanyi’s original critical institutionalist political economy. The latter was built through an intense debate with intransigent economic liberalism. This discussion still frames numerous important issues.