The Great Transformation (book)

"The Great Transformation" by Karl Polanyi explores how societies transitioned from traditional, self-sufficient economies to modern markets driven by industrialization and capitalism. Polanyi explains that this shift disrupted social and economic stability, leading to the creation of a market society where economic activities are subject to market forces. He argues that this transformation was not natural but shaped by political and social decisions, often causing social dislocation. The book highlights the importance of balancing market forces with social protections, emphasizing that economies are embedded within social relations, not separate from them.