great transformation

is the divide between modern, market-dominated society and non-western, non-capitalist pre-industrial societies. Polanyi argues only substantive meaning' can analyze non-capitalist societies.

Polanyi's term 'great transformation' refers to the divide between modern, market-dominated societies and non-Western, non-capitalist pre-industrial societies. Polanyi argues that only the substantive meaning of economics is appropriate for analysing the latter. Without a system of price-making markets formal economic analysis does not apply, for example in centrally planned economies or preindustrial societies. Individual choice in such places is not so much based on the maximisation of economic profit but rather on social relationships, cultural values, moral concerns, politics or religion. (Wikipedia)

great transformation, n.All

great transformation