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The Great Transformation

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description The Great Transformation Overview

Karl Polanyi's work argues that modern economies are not self-contained systems but are deeply embedded within social, political, and ecological realities. It critiques the idea of 'self-regulating markets,' showing how human societies must actively construct and regulate markets to survive. It is essential for understanding the social costs embedded in capitalism.

help The Great Transformation FAQ

What is the main argument of Karl Polanyi's The Great Transformation?

Karl Polanyi argues that the creation of a "self-regulating market" in the 19th century was a fundamentally utopian and destructive project. He asserts that land, labor, and money are "fictitious commodities," and treating them like normal goods strips away the social fabric.

What is the "Double Movement" in The Great Transformation?

The Double Movement refers to Polanyi's theory that the expansion of free markets inevitably triggers a counter-movement by society to protect itself. As markets try to commodify human life, society pushes back through social legislation, labor rights, and regulations.

What historical event does Polanyi use to explain the rise of fascism?

Polanyi argues that the breakdown of the 19th-century market economy during the Great Depression directly led to the rise of fascism in Europe. He viewed fascism as a desperate, violent societal counter-movement to the chaos of unregulated capitalism.

When was Karl Polanyi's The Great Transformation published?

The book was originally published in 1944, during the height of World War II. It was written as a critique of the liberal economic orthodoxies that had dominated the interwar period.

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