The Great Transformation

Do you find any flaws in Polanyi’s argument? Are there any aspects of his argument with which you do not agree? Explain.

Polanyi spends much of his time focusing on the paradoxes inherent within market society. Can you explain some of them? Does Polanyi himself fall victim to any of these same paradoxes?

Does the historical context within which Polanyi writes shape the trajectory of the book? Would Polanyi’s argument be different if he wrote it now, more than seventy years later? Explain your answer.

Did reading this book alter your perception of modern economics? Why or why not?

In the chapters preceding the book itself, Block and Stiglitz argue for the continued relevance of Polanyi’s work. Do you agree with their assertions? Why or why not?

Discuss how Polanyi compares and contrasts socialism and fascism. Do you agree with him? Why or why not?

Can economy be a moral force? Can it be inhumane? Use specific examples from the text to support your claim.

Polanyi implies that socialism represents the best alternative to the market society. What kind of economy do you think would best serve society? Explain.