The Reproving of Karl Polanyi

Karl Polanyi's The Great Transformation has had enormous influence since its publication in 1944. In form, this influence has been salutary: Polanyi targets one of the main weaknesses of modern economics. But in substance, Polanyi's influence has been baneful. Mirroring the methodological blindness he criticizes, Polanyi insists on the all‐or‐nothing existence/ nonexistence of laissez faire—and on its all‐or‐nothing goodness/badness.
Full text: The Reproving of Karl Polanyi

Santhi Hejeebu
Deirdre McCloskey
Published in: Critical Review
1999 3-4 Pages 285-314