Super Short Summary

The Great Transformation by Karl Polanyi, first published in 1944, explores the social and economic upheavals of the Industrial Revolution, critiquing the fallacies of self-regulating markets and market liberalism. Polanyi argues that these markets necessitate government intervention, leading to paradoxes and social instability, and he envisions socialism as a preferable alternative to fascism. The work highlights the contradictions within market liberalism and stresses the importance of government in protecting citizens from market forces.