Karl Polanyi

Karl Polanyi was an influential 20th-century economist and social philosopher known for his critique of market economies. In his seminal work, "The Great Transformation," he argued that the rise of free markets disrupted social structures and communities. He believed that the economy should serve society, not the other way around. Polanyi introduced concepts like the "double movement," where societies respond to market excesses by seeking to protect themselves through regulation and social reforms. His ideas emphasize the interconnectedness of economy and society, highlighting that markets must be embedded within social frameworks to ensure stability and well-being.