The Great Transformation: The Political and Economic Origins of Our Time (2001) by Karl Polayni

Abstract

A list of the most seminal works in political economy of the twentieth century would have to include Karl Polanyi’s The Great Transformation: The Political and Economic Origins of Our Time. Known for its seething portrayal of self-regulated market society as a “stark utopia” (Polanyi 2001:3), The Great Transformation confronts the concept of market society and reveals its historical tendencies and struggles. Polanyi eloquently attacks the idea of a purely self-regulated market society and shows that its history has been one of constant struggles for balance between personal gain and societal well-being.