The democratic industrial societies face a deeply-rooted
institutional crisis. The accepted ways and means of living lead to
frustration and anxiety rather than creativity and joy. The roots
of this crisis are political and economic. These societies contain
economies that pervert and obstruct the human life process and
polities that are subordinate to economic vested interests. Karl
Polanyi was a Hungarian emigr ho witnessed first hand the
cataclysms to which this political economic crisis can lead. He
created a powerful social economic theory to analyze this
institutional impasse and lay the foundation for social
reconstruction. This book reviews Polanyi's life and work, his
contributions to the methodology of economics, his concepts of
social integration, his theory of market capitalism, and his view
of freedom in complex industrial societies.
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