Monthly Archives: July 2015

market and coercion

“Formally, the market community does not recognize direct coercion on the basis of personal authority. It produces in its stead a special kind of coercive situation which, as a general principle, applies without any discrimination to workers, enterprisers, producers and consumers, viz., in the impersonal form of the inevitability of adaptation to the purely economic “laws” of the market. The sanctions consist in the loss or decrease of economic power and, under certain conditions, in the very loss of one’s economic existence.” (Max Weber. Economy and Society. p.731)