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The Great Transformation
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Book Brief
360
Book • Nonfiction
England • 19th Century
1944
Beacon Press
Adult
18+ years
Super Short Summary
The Great Transformation by Karl Polanyi, first published in 1944, explores the social and economic upheavals of the Industrial Revolution, critiquing the fallacies of self-regulating markets and market liberalism. Polanyi argues that these markets necessitate government intervention, leading to paradoxes and social instability, and he envisions socialism as a preferable alternative to fascism. The work highlights the contradictions within market liberalism and stresses the importance of government in protecting citizens from market forces.
Informative
Contemplative
Challenging
Mysterious
Reviews & Readership
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Review Roundup
Karl Polanyi's The Great Transformation is lauded for its insightful critique of market economies and social impacts, blending historical analysis with economic theory. Readers appreciate its depth and relevance, though some find its dense prose challenging. Overall, it remains a seminal work for understanding modern economic and social shifts.
Who Should Read The Great Transformation?
Readers who would enjoy The Great Transformation by Karl Polanyi are typically scholars, economists, and history enthusiasts interested in the social impacts of market economies. Comparable books include Adam Smith's The Wealth of Nations and John Maynard Keynes' The General Theory of Employment, Interest, and Money.
5,215 ratings
Loved it
Mixed feelings
Not a fan
Economic/Market Liberals
Economic/Market Liberals
Advocates of organizing national and global economies through self-regulating markets, these figures play a pivotal role in promoting economic liberalism, often seen as a fanatical belief system prioritizing market stability over social welfare.
Robert Owen
Robert Owen
A founder of utopian socialism, Owen is known for improving factory conditions and advocating for government intervention against market forces' negative impacts, contrasting sharply with market liberal beliefs.
Jeremy Bentham
Jeremy Bentham
An English philosopher who founded modern utilitarianism, Bentham critiqued interventionist policies like the Speenhamland Law and believed hunger was a natural regulator for poverty, clashing with Owen's views on humane treatment.
David Ricardo
David Ricardo
A classical economist influential before economic liberalism's rise, Ricardo focused on labor value and believed material goods were paramount, influencing future economic thought despite Polanyi's critique of his market assumptions.
The Great Transformation was initially published in 1944, during the last year of World War II, a period that profoundly influenced Polanyi's discussions about economic and social change.
Karl Polanyi was wary of the term "economic man" and sought to challenge the idea that human behavior can be solely understood through economic models, arguing instead for a more integrated view of society and economy.
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Although not an economist by training, Polanyi’s work in The Great Transformation has become a critical reference in economic history and is often discussed in the context of critiques of free-market capitalism.
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360
Book • Nonfiction
England • 19th Century
1944
Beacon Press
Adult
18+ years
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