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The Methodology of Polanyi's Great Transformation

Pre-publication version of: Zaman, A. (2016) ‘The Methodology of Polanyi’s Great Transformation.’ Economic Thought, 5.1, pp. 44-63

20 Pages Posted: 22 Jun 2014 Last revised: 28 May 2016

Asad Zaman

Quaid-i-Azam University - Pakistan Institute of Development Economics (PIDE)

Date Written: June 15, 2014

Abstract

Polanyi’s book on The Great Transformation provides an analysis of the emergence and significance of capitalist economic structures which differs radically from those currently universally taught in economic textbooks. This analysis is based on a methodological approach which is also radically different from existing methodologies for doing economics, and more generally social science. This methodology is used by Polanyi without explicit articulation. Our goal in this article is to articulate the methodology used in this book to bring out the several dimensions on which it differs from current approaches to social science. Among the key differences, Polanyi provides substantial scope for human agency and capabilities to change the course of history. He also shows that the social, political and economic spheres of human existence are deeply interlinked and cannot be analyzed in isolation, as current approaches assume.

Keywords: Methodology, Social Science, Capitalism, Liberalism

JEL Classification: B31, B41

Suggested Citation

Zaman, Asad, The Methodology of Polanyi's Great Transformation (June 15, 2014). Pre-publication version of: Zaman, A. (2016) ‘The Methodology of Polanyi’s Great Transformation.’ Economic Thought, 5.1, pp. 44-63. Available at SSRN: https://ssrn.com/abstract=2457299 or http://dx.doi.org/10.2139/ssrn.2457299

Asad Zaman (Contact Author)

Quaid-i-Azam University - Pakistan Institute of Development Economics (PIDE) ( email )

Quaid-i-Azam University Campus
P.O.Box 1091
Islamabad, Federal Capital 44000
Pakistan

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