The Great Transformation by Karl Polanyi is a classic critique of capitalism – but it wasn’t an overnight success

By Gareth Dale, Reader in Political Economy, Brunel University London

Hungarian social theorist Karl Polanyi is best known for his exploration of the collapse of liberal institutions that occurred between 1914 and 1945. His book, The Great Transformation, traces the catastrophes of those decades to the globalisation of market liberalism.

In his view, the attempt by liberal social engineers to establish a “self-regulated” market system was bound to tear the social fabric,…

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