Karl Polanyi on Ethics and Economics

Breaking new ground in Polanyi scholarship, Gregory Baum explores the relation between ethics, culture, and economics in Karl Polanyi’s writings. He identifies and analyses key concepts of Polanyi’s thought and shows how they apply to the contemporary debate on ethics and economics. rnrnExploring Polanyi’s lesser-known works as well as The Great Transformation, Baum provides a more complete and nuanced understanding of Polanyi’s thought. He examines Polanyi’s interpretation of modern economic and social history, clarifies the ethical presuppositions present in Polanyi’s work, and addresses how Polanyi’s understanding of the relation between ethics and economics touches on many issues relevant to the contemporary debate about the world’s economic future. Baum argues that we should look to Polanyi’s understanding of modern capitalism to reinstate the social discourse and, in political practice, the principles of reciprocity and solidarity. He points to examples, both in Canada and abroad, of attempts to formulate alternative models of economic development and to create new forms of institutional and cultural intervention.rnrnKarl Polanyi on Ethics and Economics provides fascinating insights into Polanyi’s work and today’s central social and political issues. It will be of great interest to sociologists, economists, political scientists, and philosophers.