Karl Polanyi's "The Great Transformation"

This article re-examines the argument presented by the economic historian Karl Polanyi in his major work, The Great Transformation, regarding the integration of money into a self-regulating market system in the United States. Polanyi argued that money was only included in the self-regulating market system in 1900 with the establishment of a formal gold standard. The establishment of the Federal Reserve System appeared to be the initial response to this development. It is the contention of …

…Chennat Gopalakrishnan, "Culture, Economic Development, and Quality of Life: A Speculative Comment on the Case of Kerala, India", American Journal of Economics and Sociology, Vol. 47, No. 4 (October 1988), 455-57. John Maynard Keynes has said that "the political problem of humankind is to combine three things: Economic Efficiency, Social Justice, and Individual Liberty" (cited in Fred Block, "Capitalism Without Class Power", Politics & Society, Vol. 20, No. 3 (Sept. 1992), 277). Karl Polanyi, The Great Transformation (Boston: Beacon Hill Press, 1944)