The Great Transformation: The Political and Economic Origins of Our Time

Karl Polanyi's 1944 work is a powerful critique of unregulated markets, tracing the history of capitalism from the industrial revolution to the present and arguing that the economy must be embedded in civil society to protect our common humanity.

Format: Paperback / softback
Length: 384 pages
Publication date: 20 June 2024
Publisher: Penguin Books Ltd

Karl Polanyi's groundbreaking 1944 work, "The Great Transformation," stands as one of the earliest and most influential critiques of unregulated markets. Tracing the history of capitalism from the industrial revolution to the present day, Polanyi demonstrates that the market state is not a natural phenomenon but rather a result of human intervention. Instead of reducing human relations and the environment to mere commodities, he argues that the economy must be embedded within civil society. In his powerful work, Polanyi vividly describes the social dislocation of his time and makes a passionate call to protect our common humanity.

Polanyi's vision for an alternative economy that is re-embedded in politics and social relations offers a refreshing alternative to the dominant free-market ideology. He challenges the myth of the free market, arguing that it is inherently unstable and prone to crises. Instead, he proposes a system that combines market mechanisms with democratic governance and social protection to ensure economic stability and social well-being.

Polanyi's work has had a profound impact on social science and politics, inspiring generations of scholars and activists. His ideas have been widely adopted in countries around the world, particularly in the developing world, where his advocacy of local control and self-determination has been seen as a way to counter the dominance of global corporations and institutions.

In conclusion, Karl Polanyi's "The Great Transformation" is a seminal work in the social sciences that offers a critical analysis of unregulated markets and a vision for an alternative economy that is embedded in politics and social relations. His ideas continue to be relevant and important today, as we face the ongoing challenges of economic inequality and environmental degradation.

Weight: 282g
Dimension: 200 x 130 x 25 (mm)
ISBN-13: 9780241685556