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Karl Paul Polanyi (/ p oʊ ˈ l æ n j i /; Hungarian: Polányi Károly [ˈpolaːɲi ˈkaːroj]; 25 October 1886 – 23 April 1964) [1] was an Austro-Hungarian economic anthropologist, economic sociologist, and politician, [2] best known for his book The Great Transformation, which questions the conceptual validity of self-regulating markets.
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's ideas were widely adopted and discussed in anthropology in what has been called the formalist–substantivist debate. [1] Subsequently, the term "embeddedness" was further developed by economic sociologist Mark Granovetter , who argued that even in market societies, economic activity is not as disembedded from society as economic ...
The double movement is a concept originating with Karl Polanyi in his book The Great Transformation.The phrase refers to the dialectical process of marketization and push for social protection against that marketization.
For Polanyi, the effort by classical and neoclassical economics to make society subject to the free market was a utopian project and, as Polanyi scholars Fred Block and Margaret Somers claim, "When these public goods and social necessities (what Polanyi calls "fictitious commodities") are treated as if they are commodities produced for sale on the market, rather than protected rights, our ...
It was first proposed by Karl Polanyi, [1] who argues that the term "economics" has two meanings. The formal meaning, used by today's neoclassical economists , refers to economics as the logic of rational action and decision-making, as rational choice between the alternative uses of limited (scarce) means, as "economizing", "maximizing", or ...
Polanyi's paradox, named in honour of the British-Hungarian philosopher Michael Polanyi, is the theory that human knowledge of how the world functions and of our own capability are, to a large extent, beyond our explicit understanding.
The Great Transformation, a book by Karl Polanyi on the rise of the market economy in England; The Great Transformation (Norway), a period of social change in Norway in the mid-to-late-19th century; Great Transformation, a term for collectivization in the Soviet Union. Great Plan for the Transformation of Nature, a later Stalinist policy