The Power of Market Fundamentalism: Karl Polanyi's Critique

The Power of Market Fundamentalism examines Karl Polanyi's economic and social theories through a contemporary lens, focusing on his seminal work The Great Transformation. Block and Somers analyze Polanyi's critique of free market ideology and its impact on modern society. The authors trace the historical development of market fundamentalism from the 19th century through the present day, drawing parallels between past economic transformations and current policy debates. They explore Polanyi's concept of the "double movement" - the tension between market expansion and society's efforts to protect itself from market forces. The book investigates key Polanyian ideas including fictitious commodities, embeddedness, and the role of social protection in market economies. Block and Somers demonstrate how these concepts apply to contemporary issues such as financial deregulation, welfare reform, and environmental protection. This academic work offers insights into the relationship between markets, society, and democracy while challenging dominant economic narratives. The analysis provides a framework for understanding ongoing debates about the proper role of markets and government in social life.

Readers found the book offers a detailed analysis of Polanyi's economic theories and their relevance to modern market fundamentalism. Many reviewers appreciated the clear explanation of complex concepts and the connections drawn between Polanyi's work and contemporary economic issues. Likes: - Clear breakdown of Polanyi's key arguments - Applications to current economic debates - Strong historical context - Academic rigor while remaining accessible Dislikes: - Dense academic writing style - Some repetition across chapters - Too much focus on American context - Limited coverage of alternative economic perspectives Ratings: Goodreads: 4.13/5 (40 ratings) Amazon: 4.4/5 (22 ratings) Notable review quotes: "Makes Polanyi's ideas accessible without oversimplifying" - Goodreads reviewer "Important but could be more concise" - Amazon reviewer "Excellent scholarship but occasionally gets bogged down in academic language" - LibraryThing reviewer

The Great Transformation by Karl Polanyi The original work that inspired Block and Somers' analysis examines how market economies emerged and their social consequences through historical analysis of 19th century England.

Capitalism and Freedom by Milton Friedman This foundational text presents the intellectual framework of market fundamentalism that Polanyi's work critiques.

The Road to Serfdom by Friedrich Hayek A core text of market liberalism that provides context for understanding the intellectual tradition Polanyi challenged.

The Making of the English Working Class by E. P. Thompson This social history examines the human impact of England's market transformation from the perspective of workers and common people.

The Moral Economy of the Peasant by James C. Scott A study of how traditional economic systems and social relationships respond to the introduction of market forces through examination of peasant societies in Southeast Asia.

🔹 Karl Polanyi's seminal work "The Great Transformation" was written while he was living in exile in England and America during World War II, having fled both fascist Italy and Nazi-controlled Austria. 🔹 Though Block and Somers focus on economic theory, Polanyi was originally trained as a lawyer in Budapest and worked as an economic journalist in Vienna before developing his influential social theories. 🔹 The concept of "embeddedness," central to Polanyi's work and explored extensively in this book, suggests that all economies are embedded in social relationships, customs, and institutions - contrary to free market theories that treat the economy as separate from society. 🔹 The book draws parallels between the market fundamentalism of the 1920s that Polanyi criticized and the neoliberal policies of the late 20th century, showing how similar arguments have been recycled across different historical periods. 🔹 Authors Block and Somers spent over 30 years studying Polanyi's work before writing this comprehensive analysis, including conducting extensive research in the Karl Polanyi Archive at Concordia University in Montreal.