Collective action necessary for societal protection from "summary" of The Great Transformation by Karl Polanyi
The transformation of society into a market economy necessitates the need for collective action to protect the social fabric from being torn apart by the forces of the market. This protection is vital to prevent the harmful consequences of a purely market-driven society where individuals are left to fend for themselves without any societal safety nets. In a market economy, the pursuit of profit becomes the driving force behind all economic activities, leading to the commodification of land, labor, and money. This commodification results in the exploitation of natural resources, the degradation of the environment, and the exploitation of workers as they are treated as mere inputs to be used and discarded without regard for their well-being. In order to protect society from these harmful consequences, collective action is necessary to establish social institutions that can regulate the market and ensure that it serves the needs of society rather than the o...
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