The intellectual orders of a market economy

Abstract

Not only do ideas matter in economic development but so do the institutions of intellectual debates in which ideas are formed. Scholars usually point to intellectual debates whose institutions are largely exogenous to the economy (e.g. those of religion or science). I suggest that economists should also consider intellectual debates that are initiated by economic actors. I set out to understand the role of intellectual debate in the economy and, drawing on Polanyi's concept of ‘intellectual order’, the institutions that emerge endogenously to support it. Professional communities and public intellectual spheres are shown as the most important examples. Three historical cases are given as illustrations. I conclude that these intellectual orders should be included among the fundamental ‘institutions of capitalism’, along with the catallactic institutions of property and contract.

Do political or ethnic and historical borders affect values and beliefs more? Some evidence from Central Europe

“…Third, values and beliefs may partially result from the discussion framed by the country's institutions (Mike 2017), which are confined by explicit borders. Political borders will therefore matter for culture, even for people with the same traditions represented by their ethno-linguistic community or their history.…”

What do business associations do?

“…Business associations can create the institutional settings for the development of professional identities, shared intellectual foundations, and professional solutions, all of which are required for the successful adaptation of an industry to changing conditions (Greenwood et al, 2002;Nordqvist et al, 2010). Mike (2017) applies Michael Polányi's (1951) concept of intellectual order to conceptualize the underlying institutionalized communities behind an industry or profession. An intellectual order entails more than information sharing, as it institutionalizes a shared search for truth in the form of professional solutions, new ideas, and the ethos of professionalism, as well as mediating between industry and related intellectual fields of science and technology.…”

“…When property rights or contracts are only selectively enforced, or access to public goods and external mediation is selectively provided, this can lead to entry barriers for agents external to BAs, therefore lessening competition. The intellectual orders of business communities can also be barriers to change if they are closed in nature (Mike, 2017), thereby protecting the entrenched interests of incumbents, instead of supporting more efficient solutions. Selective access to resources can be based on any of the listed economic roles, if they are allowed to become exclusive in their institutionalization.…”

Waroeng Steak: Spritual Company in the Context of Post-Capitalism

“…In my evaluation, WS' management is in the participation of solution in regard to the crisis of economy in regard to spiritual problem. When religion has been positioned in the place of capitalist environment, the exploration of meaning could be discovered in which religion is not merely for the religious orientation but it also benefits to the other interdisciplinary aspect of social and economy (Snarr, 2017;Mike, 2017). Spiritual management in this case could be the medium of the intervention of spiritual problem (Rudnycky, 2009: 120).…”