Why did I love this book?
I first encountered the idea that governments make markets when I read Polanyi as an undergraduate.
He challenges the foundations of economics by arguing that people are motivated by social standing more than by material wealth. And he introduces the concept of a “double movement” over time – a shift toward the self-regulating market followed by a turn toward social protection.
12 authors picked The Great Transformation as one of their favorite books, and they share why you should read it.
In this classic work of economic history and social theory, Karl Polanyi analyzes the economic and social changes brought about by the "great transformation" of the Industrial Revolution. His analysis explains not only the deficiencies of the self-regulating market, but the potentially dire social consequences of untempered market capitalism. New introductory material reveals the renewed importance of Polanyi's seminal analysis in an era of globalization and free trade.