In 'The Great Transformation,' Karl Polanyi explores the radical shifts in economic and social structures that shaped modern society during the Industrial Revolution. He argues that the rise of the market economy led to profound disruptions in community life and environmental balance. Polanyi challenges the notion of self-regulating markets, revealing the hidden social costs of laissez-faire capitalism. Through historical examples, he illustrates the tension between economy and society, emphasizing the need for protective measures. This thought-provoking work invites readers to reconsider the relationship between markets and social welfare in contemporary life.
By Karl Polanyi
Published: 2001
"The elements of a social and economic order must be seen not as a finality but as a dynamic process, an ongoing evolution of society, where human values dictate the terms of our interactions with the market."
In this classic work of economic history and social theory, Karl Polanyi analyzes the economic and social changes brought about by the "great transformation" of the Industrial Revolution. His analysis explains not only the deficiencies of the self-regulating market, but the potentially dire social consequences of untempered market capitalism. New introductory material reveals the renewed importance of Polanyi's seminal analysis in an era of globalization and free trade.
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“The elements of a social and economic order must be seen not as a finality but as a dynamic process, an ongoing evolution of society, where human values dictate the terms of our interactions with the market.”
The Great Transformation
By Karl Polanyi
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Karl Polanyi (1886-1964) was a Hungarian economic historian and social philosopher, best known for his influential work, 'The Great Transformation' (1944), which explores the development of market economies and the social consequences of economic systems. Polanyi's writing style is characterized by a blend of historical analysis and critical theory, emphasizing the interplay between economy and society. His other notable works include 'Trade and Market in the Early Empires' and 'The Livelihood of Man,' where he examines the role of economic institutions in shaping human societies. Polanyi's contributions have had a lasting impact on economic sociology, political economy, and the critique of neoliberalism.
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