The Great Transformation (by Karl Polanyi)

*The Great Transformation*, by Karl Polanyi, examines how society shifted from traditional, community-based economies to a market-driven system in the 19th century. Polanyi argues that this shift, fueled by the rise of industrial capitalism and free markets, disrupted social relations and values. He emphasizes that markets are not natural but socially constructed, and that unrestricted markets can cause social harm. The book highlights the importance of balancing economic activities with social well-being through regulation and societal safeguards, advocating for a view of economies as embedded within social and moral contexts rather than isolated, purely mechanical systems.