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Tracing the history of capitalism in England and beyond, Karl Polanyi's landmark 1944 classic brilliantly exposed the myth of laissez-faire economics. From the great transformation that occurred during the industrial revolution onwards, he showed, there has been nothing 'natural' about the market state. Instead, the economy must always be embedded in society, and human needs and relations. Witnessing the 'avalanche of social dislocation' of his time - from the Great Depression, to the rise of fascism and communism and the First and Second World Wars - Polanyi ends with a rallying cry for freedom, and a passionate vision to protect our common humanity.
In this classic work of economic history and social theory, Karl Polanyi analyzes the economic and social changes brought about by the "great transformation" of the Industrial Revolution. His analysis explains not only the deficiencies of the self-regulating market, but the potentially dire social consequences of untempered market capitalism. New introductory material reveals the renewed importance of Polanyi's seminal analysis in an era of globalization and free trade.
At a recent meeting of the World Economic Forum in Davos, it was reported that a ghost was haunting the deliberations of the assembled global elite D that of the renowned social scientist and economic historian, Karl Polanyi.
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