By Karl Polanyi
Joseph E. Stiglitz (Foreword), Fred Block (Introduction)
In this vintage paintings of monetary heritage and social thought, Karl Polanyi analyzes the commercial and social alterations caused through the "great transformation" of the commercial Revolution. His research explains not just the deficiencies of the self-regulating industry, however the possibly dire social outcomes of untempered marketplace capitalism. New introductory fabric finds the renewed significance of Polanyi's seminal research in an period of globalization and unfastened trade.
Karl Polanyi (1886-1964) is taken into account one of many 20th century's such a lot discerning monetary historians. He left his place as senior editor of Vienna's best monetary and monetary weekly in 1933, grew to become a British citizen, taught grownup extension courses for Oxford and London Universities, and held traveling chairs at Bennington university and Columbia collage. he's co-author of Christianity and the Social Revolution; writer of the good Transformation; exchange and marketplace in Early Empires (with C.Arnsberg and H.Pearson) and posthumously, Dahomey and the Slave exchange (with A.Rotstein).
Reviews:
As the second one global battle used to be drawing to an in depth in 1944, nice works of political economic climate have been released. One was once Hayek's the line to Serfdom, the motive force in the back of the free-market revolution within the ultimate region of the 20 th century. the opposite was once Karl Polanyi's the good Transformation. . . . [It] is definitely worthy examining. -Larry Elliott, The Guardian
"[The nice Transformation] did greater than any paintings of that iteration to increase and deepen the critique of industry societies."-John Buell, The innovative
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Additional info for The Great Transformation: The Political and Economic Origins of Our Time (2nd Edition)
Sample text
Because people in the deficit nation are spending more abroad than they are taking in, their currency—being in greater supply—will fall in value relative to other currencies. When that value falls below a certain level called the gold point, it will be profitable for international bankers to trade that currency for gold and ship the gold abroad where it will bring a higher price. In this way gold will move from deficit countries to surplus countries. Introduction [ xxxi ] matically shrinks, interest rates rise, prices and wages fall, demand for imports declines, and exports become more competitive.
Hence, almost as soon as the gold standard mechanism was in place, entire societies began to collude in trying to offset its impact. A first recourse was for countries to increase their use of protective tariffs for both agricul. As Polanyi knew, in practice the operation of the gold standard diverged considerably from theory. : Princeton University Press, ). [ xxxii ] Introduction 24 tural and manufactured goods. By making trade flows less sensitive to price changes, countries could gain some degree of greater predictability in their international transactions and be less vulnerable to sudden and unanticipated gold outflows.
From to about —‘‘one of the most con- [8] The Great Transformation fused and crowded quarter centuries of European history’’*—peace was less safely established, as the ebbing strength of reaction met the growing strength of industrialism. In the quarter century following the Franco-Prussian War we find the revived peace interest represented by that new powerful entity, the Concert of Europe. Interests, however, like intents, remain platonic unless they are translated into politics by the means of some social instrumentality.
