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.
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