The Great Transformation: The Political and Economic Origins of Our Time (Penguin Modern Classics)

‘One of the most powerful books in the social sciences ever written’ Thomas Piketty
'The twentieth century's most prophetic critic of capitalism' Prospect
‘Polanyi’s revolutionary work is a must-read’ Mariana Mazzucato

Karl Polanyi's landmark 1944 work is one of the earliest and most powerful critiques of unregulated markets. Tracing the history of capitalism from the great transformation of the industrial revolution onwards, he shows that there has been nothing 'natural' about the market state. Instead of reducing human relations and our environment to mere commodities, the economy must always be embedded in civil society.

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.

‘Polanyi's vision for an alternative economy re-embedded in politics and social relations offers a refreshing alternative’ Guardian

‘Polanyi exposes the myth of the free market’ Joseph E. Stiglitz

With a new introduction by Gareth Dale