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Karl Polanyi

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

"The Great Transformation: The Political and Economic Origins of Our Time" by Karl Polanyi is a seminal work that examines the relationship between politics and economics in the context of 19th and early 20th century Western society. Polanyi argues that the rise of the market economy, or "market society," led to the disintegration of traditional social structures and the creation of a new form of society that was dominated by market forces. The book is divided into two parts. The first part provides a historical overview of the development of the market economy in England and its impact on society. Polanyi argues that the market economy was not a natural or inevitable development, but rather the result of specific political and economic policies. He also examines the social and cultural changes that accompanied the rise of the market economy, including the emergence of a new class of capitalists and the destruction of traditional communities. The second part of the book looks at the political and economic consequences of the market economy. Polanyi argues that the market economy led to the creation of a "disembedded" economy, in which economic activity was no longer integrated into society, but rather operated according to its own logic. This, in turn, led to the emergence of fascism and communism as attempts to re-embed the economy in society. Polanyi's work is notable for its interdisciplinary approach, drawing on history, economics, sociology, and political science. He also offers a critique of classical economic theory, arguing that it is based on false assumptions about human nature and the workings of the economy. Overall, "The Great Transformation" is a thought-provoking and insightful book that offers a unique perspective on the relationship between politics and economics. It is a must-read for anyone interested in understanding the historical and cultural context of modern capitalism...