Compare and contrast Marx's and Weber's critiques of markets

1. INTRODUCTIONThe innovative market models that dominated stinting theory baffle focused on the market as a more than formal model of economic order examining major perspectives inside economic theory (Slater & Tonkiss, 2001). One of the major assumptions of these models is the cerebration that both market outcomes and social order arise from the rational number decisions of individuals seeking to maximise their interests. Such models emphasise markets as an system of rules whereby buyers and sellers are able to come into contact with each other(a) to trade commodities and resources for money (Hardwick P., Langmead J., Bahadur H.. 1999, p. 6). While buyers and sellers stomach competing self-interests, a livelong series of transactions establishes an equilibrium which aligns these competing interests. In turn, this leads to a harmonisation of conflicting interests through market mechanisms, competition and information.

However, the assumptions of the modern economic and social models concerning market order and individual self-interests have been casing to contest by theorists of spotless tradition. Criticisms have revolved most the extent to which a stable social order king be found on market exchange and on the rational actions of private individuals alone (Slater & Tonkiss, 2001).



Without any doubt, Karl Marx and pocket Weber have been two of the major social theorists of the classical sociology who challenged the modern markets by arguing against the very formalism of modern economic approaches.

Both Marx?s and Weber?s theories have presented a well-established critique of modern markets while supporting an respectable or social notion of individualism. While Marx treats markets as a sphere of irrationality, Weber?s critique of markets is based on one narrow form of rationality, the instrumental rationality which, concord to Weber, dominated all aspects of modern social and economic lifespan (Slater & Tonkiss, 2001; 73). Nevertheless, both Marx and Weber agree that the individual who...

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