The Great Transformation (Karl Polanyi)

The Great Transformation by Karl Polanyi describes how, in the 19th century, society shifted from traditional, tightly-knit communities with local economies to one dominated by free markets and industrial capitalism. This change restructured social relations, placing market forces at the center of life, often sidelining social and moral values. Polanyi argues that this rapid expansion of market logic created social disruptions and insecurity, prompting societies to develop new policies and institutions to regulate the economy and protect social cohesion. Ultimately, the book explores the tension between economic liberalism and social stability.