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The Great Transformation: The Political and Economic Origins of Our Time
Karl Polanyi · Book · Economics
The Great Transformation: The Political and Economic Origins of Our Time by Karl Polanyi is a seminal work that examines the profound social and economic changes that occurred during the rise of market economies in the 19th and early 20th centuries. Polanyi argues that the shift towards a market-driven society disrupted traditional social structures and led to significant social and economic dislocation. He critiques the idea of the self-regulating market, showing how it created instability and inequality, necessitating government intervention to protect society. Polanyi’s analysis highlights the tension between economic liberalism and social protection, offering valuable insights into the challenges of balancing market forces with social welfare—a theme that remains highly relevant today.
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