What is polany?

Karl Polanyi (1886-1964) was a Hungarian-British economist and social theorist who was best known for his contributions to economic anthropology and the study of economic systems. He challenged traditional economic theories by arguing that markets should be viewed within a broader social context, and that economic activity cannot be fully understood without considering the social and cultural factors that shape it.

Polanyi's most influential work is his book "The Great Transformation" (1944), in which he provided a critical analysis of market capitalism and argued that it represented a major threat to human society. He argued that the rise of market economies in the 19th century had led to a fundamental transformation of social relations, as people began to view themselves as mere commodities and to prioritize economic interests over other values such as community, tradition, and environmental sustainability.

Polanyi also emphasized the need for collective action to protect society from the negative consequences of unregulated markets. He argued that government policies such as labor laws, welfare programs, and environmental regulations were necessary to ensure that economic activity served the common good and did not harm vulnerable groups or the natural environment.

Overall, Polanyi's work continues to be influential in the fields of economic sociology, economic anthropology, and political economy, and his ideas have been particularly relevant to ongoing debates about the role of markets in contemporary society.