Need for societal control over economy from "summary" of The Great Transformation by Karl Polanyi
The idea that societal control is necessary over the economy stems from the recognition of the potentially devastating consequences of allowing economic forces to operate without restraint. In a laissez-faire economy, where markets are left to self-regulate without interference, individuals are at the mercy of market forces that prioritize profit over human well-being. This unrestricted pursuit of profit can lead to exploitation, inequality, and social instability. Societal control over the economy is essential to ensure that economic activities serve the common good and do not result in harm to individuals or communities. Without proper regulation and oversight, economic actors may prioritize short-term gains at the exp...
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