the great transformation is karl polanyi’s idea that modern capitalism didn’t just create new ways to make money. it transformed society by turning things like land, labor, and money into commodities that could be bought and sold.
before industrial capitalism, economic life was usually embedded in family, community, religion, and social obligations. then the market started becoming the organizing force itself.
polanyi’s bigger warning was that society can’t be treated like just another market. eventually, people push back when economic rules start reshaping everything else.
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