The Great Transformation by Karl Polanyi (Author)

📖 Title Name: The Great Transformation: The Political and Economic Origins of Our Time
✍️ Author: Karl Polanyi
📦 Quality: A5 Matt Paper

🔹 Introduction:
The Great Transformation by Karl Polanyi is a classic work in political economy that explains how modern market societies emerged and reshaped human civilization. The book analyzes the rise of capitalism, the collapse of traditional social structures, and the social consequences of treating land, labor, and money as commodities.

🔑 Key Points:

• Explains the shift from traditional economies to self-regulating market economies during the Industrial Revolution.

• Introduces the concept of the “double movement” — society pushes back against harmful market effects.

• Critiques the idea that free markets naturally create social harmony.

• Shows how economic systems shape politics, democracy, and social stability.

• Connects economic crises and social disruption to the rise of nationalism and conflict.

🕌 Conclusion:
Karl Polanyi demonstrates that economies are always embedded within society, not separate from it. The book warns that ignoring social protections in pursuit of pure market freedom can lead to instability, inequality, and political turmoil.