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The Great Transformation: The Political and Economic Origins of Our Time, by Karl Polanyi
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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.
- Sales Rank: #28269 in Books
- Brand: Brand: Beacon Press
- Published on: 2001-03-28
- Released on: 2001-03-28
- Original language: English
- Number of items: 1
- Dimensions: 8.50" h x 1.00" w x 5.50" l, .94 pounds
- Binding: Paperback
- 360 pages
- Used Book in Good Condition
Review
As the Second World War was drawing to a close in 1944, two great works of political economy were published. One was Hayek's The Road to Serfdom, the driving force behind the free-market revolution in the final quarter of the twentieth century. The other was Karl Polanyi's The Great Transformation. . . . [It] is well worth reading. -Larry Elliott, The Guardian
"[The Great Transformation] did more than any work of that generation to broaden and deepen the critique of market societies."-John Buell, The Progressive
About the Author
Karl Polanyi (1886-1964) is considered one of the twentieth century's most discerning economic historians. He left his position as senior editor of Vienna's leading financial and economic weekly in 1933, became a British citizen, taught adult extension programs for Oxford and London Universities, and held visiting chairs at Bennington College and Columbia University. He is co-author of Christianity and the Social Revolution; author of The Great Transformation; Trade and Market in Early Empires (with C.Arnsberg and H.Pearson) and posthumously, Dahomey and the Slave Trade (with A.Rotstein).
Joseph E. Stiglitz was formerly chair of President Clinton's Council of Economic Advisors, and chief economist of the World Bank. He is professor of economics at Stanford University, and senior fellow at the Brookings Institution.
Fred Block is professor of sociology at the University of California, Davis.
Most helpful customer reviews
7 of 7 people found the following review helpful.
A review of Karl Polanyi’s The Great Transformation
By Jerry Woolpy
A review of Karl Polanyi’s The Great Transformation: the political and economic origins of our time, by Jerry Woolpy
Polanyi writes about the industrialization of Europe leading to the collapse of civilization in the 19th century. The balance of powers failed to prevent a war between the great powers, the gold standard failed to maintain the world economies, the markets failed to self-regulate, and liberal states became internally conflicted. He traces the history of the practice of these four doctrines. I was particularly interested in the history of dealing with unemployment, wages, and poverty, which no country has been able to manage in ways that do not end up exploiting the least able and least enfranchised. Polanyi shows that when economies are controlled objectively, without due concern for the welfare of all, they end up favoring the wealthy and ignoring the poor. We have to recognize that economics is part of the social sciences that are invariably linked such that when we manipulate the economy we change the society. Ignoring this linkage violates the promise of freedom, which is the be-all of liberal democracy. This is a classic that seems to have been overlooked by too many of our modern leaders and their advisors.
9 of 10 people found the following review helpful.
POLYANI IS WRITING ABOUT REAGANOMICS IN 1940!
By karenann
Of course back then, he was calling it liberal economics. But this was well before Milton Freidman.
This book is absolutely required reading if you{re interested in the fallacy of the free market, the role that international trade plays in creating homeless people, or the growth and decay of empires. Polyani is a precient polymath, and this is one of the greatest non fiction books the 20th Century.Absolutely required reading in governmental studies, economics, and history
2 of 2 people found the following review helpful.
Essential reading for social scientists.
By Quevedo
Great classic. I am an economist with some training in sociology. I think this book is very helpful in understanding how modern markets, which are institutions, were created. And how the government or the State had a crucial role in that process.
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