Markets are not necessary for basic survival. As Polanyi said, “market exchanges throughout history have been merely an ‘accessory’ to economic life.” (chapter 3 pg.63), which means that it only helps enhance a part of human lives. But, the importance of it is that it promotes trading and offers career opportunities, especially for the landless poor, and also it helps to generate a profit, which assists in fueling the economy, therefore markets are practical.
Markets are a rational way to support in organizing our societies, mainly in the sense that it aid in providing for the landless poor and offer them opportunities to make a difference in their lives. Also markets encourages trading, which has been the leading vital for centuries that has shaped our societies into the way it is today. But, it is not sensible to have a human ‘accessory’ make all the decisions that structure human lives, because of the corruption that it causes. Moreover, markets are logical based on the fact that it promotes trading, which is fundamental to the development of any society. It also motivates people to work toward productivity that will be beneficial for the success of the economy. Because markets are just an enhancement of part of society, to have it become the foundation of societies is an absurd concept, mainly due to the many corruptions, inequality, and social murder that it would continue to cause. Having the market structure our society will most likely support capitalism, which would put human lives at risk for social murder and injustice, because the rich feeds off the poor, meaning that they will do anything to suppress the lower class of society, eventually leading to the conviction of the poor into constant labour (slavery).
Markets become irrational only when the practice of fair trade is breached by one party (most likely by capitalists). This unfair trade causes the systematic structure to become unjust, because all the profits made are only shared among the rich instead of being distributed fairly among workers (labourers, managers, supervisors, and CEOs). A particularly important part of trade is the idea of fair trade. Fair trade enables that all those involved in the trading network have fair wages and good working conditions. As far as what is seen currently throughout the markets, the practice of fair trade does not exist. This is mainly because the benefits of markets are more attained by the rich instead of being distributed equally and fairly amongst the labourers. This exchange is unequal and unjust. Don’t you agree?
People are worse off as a result of market-dependence, because if people depend entirely on the market as the means of survival, then they are heading for self-destruction. People will eventually start to feel purposelessness, depression, loss of faith- where there is no faith and happiness, death and chaos lies ahead. Take the Great Depression of the 1930s as an example of the manifestation of irrational logic as to why society should not be based on the markets. This come to show the unavoidable outcome of the markets -