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The Process Market Relations Evolution in Modern World Essay


The modern world could be characterized by the blistering development of market and market relations. Nowadays, people accept the only way of the development of the economy and try to devote a great deal of attention to the given pattern. The fact is the peculiarities of the development of society resulted in the creation of the conditions beneficial for the development of the market. It helped people to become richer and run their own business, trying to guarantee their existence and prosperous future. However, one should remember the fact that society has passed a long way in order to achieve the needed result. The second half of the 20th century could be taken as the most important stage in the process of evolution of market relations (Horwitz 2012).

Analyzing the given sphere, it should be said that the blistering development of market relations became possible due to the unique combination of various conditions. First of all, having passed through WW II, society realized the fact that a powerful economy is key to the successful development of the state. Moreover, people also realized the fact that they should be given the opportunity to choose their own way of development.

Thus, it could also be taken as the age of the blistering evolution of capitalism. Being one of the main forms of the development of Western society and its economy, it also moved to the eastern regions of our world. However, it was influenced by Muslim culture and obtained some new unique features. Market relations and capitalism became the main trends of the modern era and a great number of scientists devoted their attention to the investigation of the given issue.

Thus, Karl Polanyi is one of these very scientists. Being interested in the investigation of market relations, he tried to outline his own ideas connected with the given issue. Thus, he also promoted the growth of the level of interest in the issue of capitalism and market relations (Mayhew n.d). However, he was sure that the conflict between market relations and social values became the main force of the evolution of these issues. In one of his works The Great Transformation, Polanyi tends to prove the idea that the given conflict promotes the further transformation of market relations and society for them to be able to cooperate (Polanyi 2001).

Polanyis ideas about the conflict between market relations and values appreciated in society could be referred to as the process of the development of capitalism in terms of Islam. The fact is that in countries that adhere to Islam social and religious values have always had very strong positions. That is why, the market relations and capitalism had to adapt to these conditions. The peculiarities of the culture of people living in the region resulted in the appearance of various forms of market relations, such as hawala, which are based on trust and regulated by some moral laws (Tripp 2006). These models have great efficiency in the given region because all individuals who comprise the system adhere to the same principles.

Speaking about the role of an individual for the evolution of market relations, it is important to admit the book The Road to Serfdom by Friedrich Hayek. In this work he tends to assume the fact that the thirst of an individual to freedom should be taken as the main force of the development of market relations and capitalism with the introduction of free choice (Hayek n.d). Moreover, the authoritarian model of the organization of the economy or market will lead to a decrease in the level of democracy and result in the collapse of any system.

Comparing the views of these two scientists, and taking into account the main peculiarities of the evolution of market relations in the Middle Easter regions, it is possible to admit some important aspects. Both Hayek and Polanyi believe in the great potential of the development of market relations. They underline the fact that market relations appear as the result of the development of society, this sort of relations could contribute to the further evolution of society and help people to become prosperous and happy.

In terms of Muslim society, Hayek and Polanyis main concepts help to understand the main peculiarities of the development of market relations better. The main sense of capitalism is the exchange of some things that could contribute to the development of all agents of this process. Thus, in terms of Islam, this process should be organized in accordance with the most important moral laws. That is why, capitalism and market relations in the Middle East obtain some new forms. These forms are based on the relations between individuals and the manner of their interaction.

It should be said, that the given ideas seem to be quite logical and understandable. It is obvious that the gradual evolution of market relations and capitalism lead to the development of democracy and freedom of choice. Therefore, the spread of the market relations leads to the appearance of new forms of relations between various agents which are determined by the peculiarities of culture or environment.

Reference List

Hayek, F n.d., The Road to Serfdom. Web.

Horwitz, S 2012, . Web.

Mayhew, A n.d., . Web.

Polanyi, K 2001, . Web.

Tripp, C 2006, Islam and the Moral Economy The Challenge of Capitalism, Cambridge University Press, New York. Web.

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IvyPanda. "The Process Market Relations Evolution in Modern World." July 7, 2020. https://ivypanda.com/essays/the-process-market-relations-evolution-in-modern-world/.

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IvyPanda. 2020. "The Process Market Relations Evolution in Modern World." July 7, 2020. https://ivypanda.com/essays/the-process-market-relations-evolution-in-modern-world/.

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IvyPanda. (2020) 'The Process Market Relations Evolution in Modern World'. 7 July.

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