State intervention as necessary corrective measure from "summary" of The Great Transformation by Karl Polanyi
The idea of state intervention as a necessary corrective measure is central to understanding the role of government in managing the economy. Polanyi argues that free-market capitalism leads to social and economic dislocation, as labor and land are treated as commodities to be bought and sold. This commodification of essential resources can have devastating consequences for society, as individuals are left vulnerable to market forces beyond their control. In response to these challenges, the state must step in to protect its citizens from the negative effects of unregulated capitalism. By implementing policies and regulations that prioritize social welfare over profit, the government can mitigate the harmful impacts of market fluctuations and ensure a more equitable distribu...
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