Douglass North starts his JEEH (Journal of European Economic History) article by offering praise of Polanyi's work, but soon moves to criticism. Let us consider the example of reciprocity discussed by Polanyi. Recall that, according to Polanyi, the phenomenon of reciprocity represents a non-market system of allocation. North disagrees. According to North, reciprocty actually reflects an economic logic. Why does North believe this is the case? Are you convinced by North's argument here? Why or why not?
Answering ALL parts of the question, give your response in one-page single-spaced.