Polanyi, Karl

Karl Paul Polanyi (1886–1964) was an influential and controversial economic historian, political economist, and historical sociologist. He is best known for his opposition to traditional economic thought on fundamental questions, and his book The Great Transformation is frequently quoted. Polanyi is often regarded as the originator of economic substantivism, which emphasizes the way economies are embedded in society instead of having a status independent and beyond. This view of the economy critically differs from mainstream market economics, which tends to ignore Polanyi’s opinion. But with its explanative power, Polanyi’s economic substantivism has been well received in anthropology, economic history, and political science. For historical sociologists, The Great Transformation is a model masterpiece.