Our thesis is that the idea of a self-adjusting market impl… - Karl Polanyi

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Our thesis is that the idea of a self-adjusting market implied a stark utopia. Such an institution could not exist for any length of time without annihilating the human and natural substance of society; it would have physically destroyed man and transformed his surroundings into a wilderness.

Karl Polanyi

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About Karl Polanyi

Karl Paul Polanyi (October 25, 1886 – April 23, 1964) was a Hungarian-American economic historian, economic anthropologist, political economist, historical sociologist and social philosopher.

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Also Known As

Native Name: Polányi Károly

Alternative Names: Károly Pollacsek • Karoly Pollacsek • Karl Paul Polanyi • Polanyi Karoly

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Friedrich Hayek Edward Bellamy Ludwig von Mises Eric Roll, Baron Roll of Ipsden Robert Heilbroner

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The habit of looking at the last ten thousand years as well as at the array of early societies as a mere prelude to the true history of our civilization which started approximately with the publication of the Wealth of Nations in 1776, is, to say the least, out of date.

In Polanyi’s view the fascist impulse — to protect society from the market by sacrificing human freedom — was universal, but local contingencies determined where fascist regimes were successful in taking power.

The economy as an instituted process of interaction serving the satisfaction of material wants forms a vital part of every human community. Without an economy in this sense, no society could exist for any length of time.

Our thesis is that the idea of a self-adjusting market implied a stark utopia. Such an institution could not exist for any length of time without ann… - Karl Polanyi

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