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Karl Polanyi’s Critique of Market Liberalism

In: Great Economists and the Evolution of Economic Liberalism

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  • Peter de Haan

Abstract

This chapter captures Polanyi’s analysis of what market liberalism had brought about since the Industrial Revolution. While rejecting most aspects of liberalism, Polanyi nevertheless passionately defended freedom—a major notion of liberalism. In his magnum opus The Great Transformation, Polanyi laid the limitations of self-regulating markets bare. His principal message was that market liberalism, was doomed to fail and resulted in the political and economic disasters of the Great War, the Great Depression and the rise of fascism and communism. These evil political doctrines were reactions against market liberalism’s inability to satisfy people’s rights. Part II describes the inspiration he got from a variety of philosophers. The Great Transformation is enjoying renewed interest. Polanyi offers a transformative guiding idea that can change social reality. It is in his defence of nonmarket utopia that Polanyi’s legacy lies. The Great Transformation is not just about what went wrong since the Industrial Revolution, but also about what the future could bring in terms of political, economic, and social transformation, now that market liberalism’s failures have again been exposed.

Suggested Citation

  • Peter de Haan, 2025. "Karl Polanyi’s Critique of Market Liberalism," Springer Books, in: Great Economists and the Evolution of Economic Liberalism, chapter 0, pages 97-121, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-93831-3_4
    DOI: 10.1007/978-3-031-93831-3_4
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