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Not Free Emerging of the Free Market – “The Great Transformation ” by Karl Polanyi


  • Teodor Sedlarski


An attempt was made to sum up the basic socio-economic issues in Karl Polanyi's book “The Great Transformation”, which is less known by the economists in our country. Suggesting an alternative to Marx's market economic analysis at the early stages of establishing and imposing the capitalist social system, this significant work of Polanyi questions at the same time a lot of the postulates of the modern liberal economic doctrines. The study highlights the formation of free market not as a natural process, based on natural human aptitudes, but on the contrary – as forcing a framework of rules, contrary to the traditional social organization of the people.

Suggested Citation

  • Teodor Sedlarski, 2011. "Not Free Emerging of the Free Market – “The Great Transformation ” by Karl Polanyi," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 51-72.
  • Handle: RePEc:bas:econth:y:2011:i:1:p:51-72

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    References listed on IDEAS

    1. Christian Cordes, 2008. "A potential limit on competition," Journal of Bioeconomics, Springer, vol. 10(2), pages 127-144, August.
    2. Douglass C. North, 2005. "Introduction to Understanding the Process of Economic Change," Introductory Chapters,in: Understanding the Process of Economic Change Princeton University Press.
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    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism
    • Z10 - Other Special Topics - - Cultural Economics - - - General


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