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Inventing the MarketSmith, Hegel, and Political Theory$
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Lisa Herzog

Print publication date: 2013

Print ISBN-13: 9780199674176

Published to Oxford Scholarship Online: May 2013

DOI: 10.1093/acprof:oso/9780199674176.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 23 June 2021

The Market in History

The Market in History

(p.147) 7 The Market in History
Inventing the Market

Lisa Herzog

Oxford University Press

In this chapter the debate about different accounts of the market is put into a historical context. First, Smith’s and Hegel’s understanding of historical processes is analysed, which leads into to the question of whether economic phenomena can ever be understood in an ahistorical way. Smith’s and Hegel’s accounts show that their dependence on social and cultural preconditions, and on the self-fulfilling nature of social theories, makes this problematic. This means that in order to understand today’s markets we need to understand the ideas from the past that brought them about. Both philosophers and economists can benefit from a more historically situated approach to economic phenomena. This helps to understand pictures of the market as pictures, and thus opens up the possibility of alternative pictures and alternative realities.

Keywords:   conjectural history, world-history, self-fulfilling theories, economic models, contextualism

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