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Polanyi's Great Transformation assesses the causes of capitalist instability in the mid twentieth century. The stability of the nineteenth century, he says, comes from four institutions: the gold standard, the liberal state, the balance of power, and the self-regulating market. Capitalism itself depends on treating as commodities three things which are in their essence not commodities: labor, land, and money. He deems these "fictitious commodities." Each of these three commodities is bought and sold in markets, but in fact are fundamentally different from ordinary commodities. Polanyi argues that capitalism's core institutions lead to an inherently unstable society that is increasingly forced to intervene in the disorder caused by markets in order to allow markets to continue to function. The transition from organic social values wherein human relations are privileged over exchange to modern capitalism is what Polanyi deems the "Great Transformation" that is the core feature of world capitalism.
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Showing 5 featured editions. View all 5 editions?
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1
Great Transformation: The Political and Economic Origins of Our Time
2024, Penguin Books, Limited
in English
0241685559 9780241685556
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2
La gran transformación: Crítica del liberalismo económico
Mar 24, 2016, Virus Editorial
paperback
8492559675 9788492559671
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La gran transformación: Crítica del liberalismo económico
Mar 24, 2016, Virus Editorial
paperback
8492559675 9788492559671
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Source title: La gran transformación: Crítica del liberalismo económico (Ensayo) (Spanish Edition)
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Feedback?July 3, 2024 | Edited by reshelved | Merge works |
September 2, 2011 | Edited by 67.246.55.109 | Edited without comment. |
December 11, 2009 | Created by WorkBot | add works page |