The Great Transformation

"The Great Transformation," by economist Karl Polanyi, describes how society shifted from traditional, local economies rooted in barter and self-sufficiency to modern market economies centered on industrial production and money exchange. This change, primarily in the 19th century, involved the rise of capitalism, market regulation, and global trade. Polanyi argues that this movement disrupted social and economic stability, as markets became self-regulating forces affecting all aspects of life, leading to social upheaval. The book emphasizes the importance of balancing markets with social protections to maintain societal well-being.