Profession: Economic Anthropologist
Biography: Karl Polanyi was a Hungarian economic anthropologist and social philosopher. He is known for his opposition to traditional economic thought and for his book, The Great Transformation, published in 1944. This book discusses the economic and social changes that occurred in England during the rise of the market economy.
Polanyi argued in The Great Transformation that the development of the modern state went hand in hand with the development of modern market economies and that these two changes were inextricably linked in history. Elements of this theory have been widely adopted in the field of economic anthropology, especially the formalist-substantivist debate.
Polanyi's work extended beyond the economic field. His book became a foundational work for the political and social sciences and a key influence in the 'substantivist' school of economic anthropology. He introduced the term "embeddedness," which refers to the idea that economic activity is always embedded in social relations and not separable as in traditional economic models.
Born: October 25, 1886
Birthplace: Vienna, Austria-Hungary
Generation: Lost Generation
Star Sign: Scorpio
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