The "free market" is said to be identical with existing capitalism. Drawing on Fernand Braudel's and Karl Polanyi's works, this paper is argues that this commonly accepted notion is in fact not backed by empirical evidence. it further argues that the "free market" does not guarantee economic efficiency. Capitalism not only differs from the "free"market" model, it is anti-market. This paper discusses the problem of conflating the "free market" and capitalism. It proposes an alternative direction for future research.
|Number of pages||22|
|Publication status||Published - 1996|