State intervention necessary for protection from "summary" of The Great Transformation by Karl Polanyi
The idea that state intervention is necessary for protection is central to understanding the evolution of economic systems. In the past, societies relied on the market to regulate economic activity. However, this led to widespread social and environmental problems. The unchecked pursuit of profit resulted in exploitation of workers and resources, leading to extreme inequality and environmental degradation. To address these issues, the state had to intervene to protect society from the negative consequences of unbridled capitalism. State intervention took the form of regulations, welfare programs, and other measures designed to ensure that economic activity served the common good. Without these interventions, the market would hav...
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