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Economic growth at expense of social cohesion from "summary" of The Great Transformation by Karl Polanyi
The idea that economic growth might be achieved at the expense of social cohesion is a central concern in understanding the workings of modern market economies. In the pursuit of economic progress, societies often prioritize the accumulation of wealth and the expansion of markets, sometimes neglecting the social bonds that hold communities together. As individuals and institutions strive to maximize their economic gains, relationships based on trust, reciprocity, and shared values can be weakened or even destroyed. This tension between economic advancement and social cohesion is a recurring theme in the history of capitalism. The drive for profit and efficiency can lead to the commodification of human relationships and the erosion of traditional norms and practices. In the relentless pursuit of growth, people may find themselves isolated, alienated, and vulnerable in a world where market forces dominate every aspect of life. Karl Polanyi argues that this disembeddedness of the economy from society can have devastating consequences for individuals and communities. When economic interests take precedence over social considerations, inequality, exploitation, and insecurity can become widespread. The pursuit of economic growth at all costs can result in social dislocation, cultural disintegration, and political unrest. Moreover, the quest for ever-increasing profits can lead to environmental degradation, resource depletion, and climate change, further undermining the well-being of present and future generations. In the absence of strong social bonds and collective institutions, societies may struggle to address these pressing challenges and to ensure a sustainable and equitable future for all.- The concept of economic growth at the expense of social cohesion raises profound questions about the nature of progress, the meaning of prosperity, and the values that should guide our actions and decisions in the economic sphere. It calls for a reevaluation of our priorities, a rethinking of our assumptions, and a reimagining of our collective destiny in a world where economic forces and social forces are deeply intertwined.
