Abstract
Karl Polanyi made a distinction between formal and substantive economics. Formal economics is the body of deductive reasoning about behaviour in conditions of scarcity derived from a postulated rational and supposedly universal homo economicus. Substantive economics is the study of how specific historical societies have organised themselves to satisfy their material wants. Polanyi devoted himself to the latter. He was suspicious of the universalist claims of formal economics. To abstract the economy from society and to place it in dominance over social relationships would generate a Hobbesian war of all against all.
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© 1993 Palgrave Macmillan, a division of Macmillan Publishers Limited
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Cox, R.W. (1993). Realism, Political Economy and the Future World. In: Morgan, R., Lorentzen, J., Leander, A., Guzzini, S. (eds) New Diplomacy in the Post-Cold War World. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-22738-9_2
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