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The United States, Canada, and the “Market Mentality”

Published online by Cambridge University Press:  02 January 2018

Peter Karl Kresl
Peter Karl Kresl*
Affiliation:
Department of Economics, Bucknell University, Lewisburg, Pennsylvania
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Extract

Perhaps nowhere else has the popular mentality been so taken with the idea of the market mechanism and automatic adjustment as in the United States. It is rather incrediblealthough admittedly something of a monument to the model itself—that in spite of two hundred years of Polanyi-type protective reactions to the market system—unions, cartels, counter-cyclical fiscal policy—Americans continue to be held in the grasp of this anachronistic ideology. The “typical American,” from migrant worker to President, may be aware of the fact that we do not live in a market economy, but he believes that something approaching perfect competition lurks unseen behind all activity as a guiding force and is therefore relevant, or that this is a system toward which we ought legitimately to be moving.

Type
Research Article
Information
Journal of Interamerican Studies and World Affairs , Volume 14 , Issue 1 , February 1972 , pp. 3 - 14
Copyright
Copyright © University of Miami 1972

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