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Product Description
One of the twentieth century's most thorough and discerning historians, Karl Polanyi sheds "new illumination on . . . the social implications of a particular economic system, the market economy that grew into full stature in the nineteenth century." -R. M. MacIver
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.
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.
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12 of 13 people found the following review helpful
Format:Paperback
This new edition has mucked about with the original. For example in the 1944 original there was a famous quote: 'the inherent absurdity of the idea of a self-regulating market would have eventually destroyed society'. It's not there any more. Why do they do that?
35 of 42 people found the following review helpful
Format:Paperback
Karl Polanyi has provided us with a cut-throat explaination as to how the market system has shaped and formed our person and existance. From the demolition of community to modern business and personal ethics, Polanyi explains who we are, our present Darwinistic purpose, and, not to mention, the price each of us carries with us. Absolutely a must-read for those who truly demand to know what has happened to mankind since the industrial revolution.
18 of 22 people found the following review helpful
Format:Paperback
This book, occasional hyperbole notwithstanding, presents a form of economics more nuanced and embedded in material life and social reality than that which is practiced in most of academia today. This form of economic thought, known as substantivism, suggests how economic activity can be understood as emerging from social practices based around material provisioning, and pre-exists the increasing domination of monetarised, market modes of exchanges from the mid-Nineteenth century onwards. If, as Polanyi suggested, mainstream economics had taken into account the relevance of anthropological and historical accounts of how households and communities (and not simply individuals) have engaged effectively in economic, 'provisioning' activities for millennia before the widespread adoption of monetarised market practices from the mid-Nineteenth century onwards. The substantivism of The Great Transformation suggests that conventional economic theory has 'inverted' reality, with social and human essences seen as subservient 'commodities' to be traded and exchanged within a market economy, and has lost sight of the insight that economic practices should serve social interests.
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