Social protection as necessary counterbalance from "summary" of The Great Transformation by Karl Polanyi
One of the central ideas put forth in 'The Great Transformation' is the notion that social protection must act as a necessary counterbalance to the forces of the market economy. Polanyi argues that the unregulated market system, if left unchecked, can lead to detrimental consequences for society as a whole. In a purely market-driven society, individuals are often subject to exploitation and are at the mercy of market forces that prioritize profit above all else. This can result in social inequality, poverty, and widespread insecurity for the most vulnerable members of society. By implementing social protections such as labor laws, welfare pro...
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