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Essential reading to understand markets, December 16, 1999
Polanyi discusses the
development of markets and their impact on society. He shows that throughout most of history
economic activity has been subordinate to control by society.Markets only gained importance at the
end of the feudal era in Western Europe.They were promoted by centrally organized intervention,
they were not a "natural" development, he says.Polanyi argues that markets destroy society, and a
telling example he gives is the cycle of war, boom, and bust that they engender.His solution is for
society to regain control over markets, and not let them dominate us.This book is a classic in its
field, and explains much of what is happening in economics today.
Masterpiece, June 24, 2000
This is undoubtedly Polanyi's finest work, and an example of the highest quality of scholarship
available. This analysis of the rise and influence of "the socially embedded market" is simultaneously
lucid and profound; clear and complex; detailed and sweeping. It provides one with a wonderful
model for an interdiscipinary approach to the investigation of social phenomena - it is employs
political, economic and sociological concepts within a genuinely historical framework to reveal truths
about our modern industrial society that no single discipline could fathom. It is, in short, a
masterpiece.
Genesis of the Market Order, June 10, 2000
Polanyi's classic is one of the most cogent treatments of the rise of market society ever written, and
shows that conceptions of historical dynamics often cover over the fact that it is people who decide
how to create the rules of economies, there is nothing inevitable about them. This account shows
another picture of nineteenth century economic history leading into the twentieth that revisionist
history would often wish to forget. A great and enduring work.
The best explaination for the modern history of mankind, May 8, 1999
Karl Polanyi has provided us with a cut-throat explaination as to how the market system has shaped
and formed our person and existance. From the demolition of community to modern business and
personal ethics, Polanyi explains who we are, our present Darwinistic purpose, and, not to mention,
the price each of us carries with us. Absolutely a must-read for those who truly demand to know
what has happened to mankind since the industrial revolution.
Exposes the socially constructed nature of "free markets", August 14,
2000
Polanyi challenges the Neoclassical (specifically Hayekian) assertion that humans started out as
individuals , and only later grew into societies. Siding with Durkheim and other holists, Polanyi
argues that the concept of a freely contracting economic individual is actually a very recent, and very
sociohistorically localized, assertion. Put simply, "free markets" are something consciously made and
supported by societies, not an a-priori order nor a state of nature. Polanyi beautifully weaves legal,
economic, political, and social history into a cogent thread of argument. One doesn't have to oppose
free markets upon accepting Polanyi's argument; one just has to become aware of markets' socially
constructed and supported nature.
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