The Great Transformation by Karl Polanyi is a groundbreaking work of economic history that examines the emergence of modern economic systems in the 19th and 20th centuries. Polanyi examines the forces that led to the development of the modern market economy, and the social and political consequences of this transformation
The Great Transformation is a book by Karl Polanyi, a Hungarian political economist. First published in 1944 by Farrar & Rinehart, it deals with the social and political upheavals that took place in England during the rise of the market economy. Polanyi contends that the modern market economy and the modern nation-state should be understood not as discrete elements but as a single human invention, which he calls the "Market Society".