From my list on modern capitalist economy.
Who am I?
As both a scholar and a citizen I have spent my adult life seeking to better understand the dynamics of power, especially power wielded in flagrantly unjust fashion in societies otherwise founded on notions of life, liberty, and happiness for all. This has led me to study the history of the economy, not just as a material but as a cultural system that encodes the categories of modern life: self and society, private and public, body and soul, and needs and desires.
Michael's book list on modern capitalist economy
Why did Michael love this book?
The Great Transformation, in which Karl Polanyi explores “the political and economic origins of our time,” is arguably the most important history of the economy ever written.
Polanyi published his study during the dark times of the twentieth century in an attempt to trace the origins of modern fascism (a task that has lost none of its relevance in the twenty-first century). He located those origins in the industrial transformation of land, labor, and money – the foundations of social existence – into full-fledged commodities, that is to say, into ephemeral vehicles of profit.
The resulting market society, touted by liberals as the source of universal freedom and equality, brought personal and communal disaster for those less advantageously positioned to compete in the new economy. The price, Polanyi argues, has been catastrophic.