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‘One of the most powerful books in the social sciences ever written’ Thomas Piketty
‘The twentieth century’s most prophetic critic of capitalism’ Prospect
‘Polanyi’s revolutionary work is a must-read’ Mariana Mazzucato

Karl Polanyi’s landmark 1944 work is one of the earliest and most powerful critiques of unregulated markets. Tracing the history of capitalism from the great transformation of the industrial revolution onwards, he shows that there has been nothing ‘natural’ about the market state. Instead of reducing human relations and our environment to mere commodities, the economy must always be embedded in civil society. Describing the ‘avalanche of social dislocation’ of his time, Polanyi’s hugely influential work is a passionate call to protect our common humanity.

‘Polanyi’s vision for an alternative economy re-embedded in politics and social relations offers a refreshing alternative’ Guardian

‘Polanyi exposes the myth of the free market’ Joseph E. Stiglitz

With a new introduction by Gareth Dale

Publisher Review

‘One of the most powerful books in social sciences ever written. Polanyi convincingly shows that market fundamentalism, the religion of competition and the commodification of social relations largely contributed to fragilize Western societies and to lead to the authoritarian and totalitarian nightmare of 1914-1945. The same risk applies today at the global scale. A must-read.’ With this book Karl Polanyi explained the rise of fascism in the 1920s and 30s. Today his great work sheds light on the worldwide rise of authoritarianism, and on our predicament. It is as essential and relevant as it was in 1944. Polanyi’s vision for an alternative economy re-embedded in politics and social relations offers a refreshing alternative * Guardian * Polanyi exposes the myth of the free market The twentieth century’s most prophetic critic of capitalism . . . The Great Transformation, written for a broad audience, is witty and passionate as well as erudite * Prospect * His masterpiece * New Yorker * His magnum opus . . . a totem for social democracy * Dissent * A vital counterpoint to the hegemony of political economics . . . one of the century’s classics * Boston Review * [The Great Transformation] did more than any work of that generation to broaden and deepen the critique of market societies * Progressive * Polanyi’s revolutionary work is a must-read for anyone interested in understanding the complexities of our economic systems and debunking the myths around the free market — Mariana Mazzucato As the Second World War was drawing to a close in 1944, two great works of political economy were published. One was Hayek’s The Road to Serfdom, the driving force behind the free-market revolution in the final quarter of the twentieth century. The other was Karl Polanyi’s The Great Transformation . . . [It] is well worth reading * Guardian * Karl Polanyi’s classic book describing the great transformation of European civilization from the preindustrial world to the era of industrialization, and the shifts in ideas, ideologies, and social and economic policies accompanying it . . . often seems as if [he] is speaking directly to present day issues — Joseph E. Stiglitz The Great Transformation provides the most powerful critique yet produced of market liberalism . . . it is indispensable for understanding the dilemmas facing global society at the beginning of the twenty-first century — Fred Block In The Great Transformation, published in 1944, the same year as Friedrich Hayek’s The Road to Serfdom, Karl Polanyi argued that human beings would not long tolerate living under a truly free-market system. Experience of the past four decades has vindicated this point of view — Martin Wolf Read The Great Transformation today. Karl Polanyi’s striking insights into the free-market fantasies and failed financial foundations of 19th century civilization hit home hard, as our own global order totters and slouches toward Armageddon – and once again a new system struggles to be born. You will be astonished at the everlasting relevance of this extraordinary book — James K. Galbraith We live in an age of backlash against neoliberalism and hyper-globalization, which shows that Polanyi’s insights on the tension between markets, on the one hand, and social stability and protection, on the other, remain as relevant as ever. I hope this edition will make him better known to a new generation of readers, preventing future leaders from committing the errors of past generations — Dani Rodrik, Harvard University A seminal book . . . Polanyi’s ideas are now more relevant than ever in our times of overlapping economic and political crises, where pressing questions are being raised about the future of the international economy and global politics — Ayse Bugra, Bogazici University Karl Polanyi’s most fundamental contribution was questioning putting the economy at the centre of civilization, and insisting that the economy is a social construct. This idea was as relevant in 1944 when The Great Transformation was first published, as it is today . . . It is my hope that with this new edition, this important book will reach a new generation of readers and inspire continued critical discourse on the political and economic challenges facing humanity — Kari Polanyi Levitt, McGill University