THE GREAT CONTRADICTION IN THE GREAT TRANSFORMATION

Authors

  • András Tóth

DOI:

https://doi.org/10.52195/pm.v20i2.891

Abstract

The Great Transformation (Polanyi, 1944E) is one of the most influential and widely cited Grand Narratives of the development route of European civilization, and even that of humanity given the extraordinary influence of European societal development. Polanyi’s main thesis is that the free market liberal capitalism not only had a destructive effect, but has a fatal internal contradiction. The root of the contradiction is that it treats labor, land, and money as commodities, while these are not commodities because they are not produced for sale. The societal destruction is the consequence of this fatal contradiction. The second great transformation towards planning state is the consequence and correction of the first one. The paper aims to demonstrate that there is a great contradiction in The Great Transformation. Polanyi applies two diametrically opposing economic theories, assumptions of state and concepts of role of individuality in different parts of the book.

References

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Published

2024-09-30

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How to Cite

THE GREAT CONTRADICTION IN THE GREAT TRANSFORMATION. (2024). REVISTA PROCESOS DE MERCADO, 20(2). https://doi.org/10.52195/pm.v20i2.891