Karl Polanyi
Karl Polanyi argued that a completely self-regulating market is a dangerous myth that ultimately destroys human society and the natural environment.
Before the industrial revolution, economic activities were deeply embedded in social relationships through reciprocity and redistribution rather than personal profit.
Laissez-faire capitalism artificially transforms land, labor, and money into fictitious commodities, subjecting human life and the environment to destructive market forces.
The push for a self-regulating market inevitably triggers a protective double movement where society demands government intervention to prevent extreme social decay.