Struggle for societal protection from market forces from "summary" of The Great Transformation by Karl Polanyi
The idea of safeguarding society from the unpredictable and destabilizing forces of the market is a central theme in Karl Polanyi's work. He argues that the unchecked expansion of market forces can lead to harmful consequences for individuals and communities, as they become subject to the whims of economic forces beyond their control. In response to this threat, societies have historically engaged in a struggle to establish protective measures that shield them from the negative impacts of market dynamics.
Polanyi highlights the importance of social institutions and regulations in mediating the relationship between individuals and the market. These structures play a crucial role in ensuring that economic activities are conducted in a manner that promotes the well-being of society as a whole, rather than just serv...
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