Market fundamentalism leads to crisis from "summary" of The Great Transformation by Karl Polanyi
Market fundamentalism, the belief that free markets should be the organizing principle of society, inevitably leads to crisis. This approach, which places the economy at the center of all social interactions, neglects the broader implications of unfettered market forces. The relentless pursuit of profit and efficiency under market fundamentalism comes at the expense of social and environmental well-being. When left unchecked, market fundamentalism results in the commodification of all aspects of life. Everything, from labor to nature, becomes a commodity to be bought and sold in the pursuit of profit. This commodification leads to the erosion of social bonds and community ties, as individuals are reduced to mere economic actors in a competitive marketplace. Furthermore, market fundamentalism undermines the very foundations of society by prioritizing the interests of capital over those of people. In this system, economic considerations take precedenc...
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