Karl Polanyi on Ethics and Economics
Gregory Baum
Mcgill Queens University Press
A study of the relation between ethics, culture, and economics in Karl Polanyi's writings. This work identifies and analyzes key concepts of Polanyi's thought and shows how they apply to the contemporary debate on ethics and economics. Exploring Polanyi's lesser-known works as well as "The Great Transformation", it 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. The author 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 of attempts to formulate alternative models of economic development and to create new forms of institutional and cultural intervention.