Market selfregulation unsustainable from "summary" of The Great Transformation by Karl Polanyi
The idea that market self-regulation is unsustainable rests on the premise that the unchecked pursuit of profit leads to social and environmental degradation. Karl Polanyi argues that when markets are left to regulate themselves without any external intervention, they tend to prioritize short-term gains over long-term sustainability. This can result in the exploitation of workers, depletion of natural resources, and overall social inequality. In a self-regulating market system, the drive for profit can lead to the commodification of everything, including labor and nature. This commodification can have detrimental effects on society as a whole, as it reduces human beings and the environment to mere resources to be exploited for economic gain. Polanyi refers to this process as the "disembedding" of the economy from its social and environmental contexts, which ultimately undermines the well-being of individuals and communities. Furthermore, ...
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