Karl Polanyi

The Great Transformation

1. IDEA 1

   Markets were once embedded in society

   Polanyi argues that for most of history, economic life was embedded in social relations, religion and politics. Markets existed, but they did not dominate society as they came to in the nineteenth century.

2. IDEA 2

   The self-regulating market was a utopia

   Polanyi argues that the idea of a fully self-regulating market was a utopia that could not work. Trying to run society by market rules alone, he says, threatened to destroy human communities and nature.

3. IDEA 3

   Some goods are fictitious commodities

   Polanyi explains that land, labour and money were treated as goods to be bought and sold, though they were not produced for sale. Treating them this way caused great social harm.

All 8 ideas from The Great Transformation →