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Karl Polanyi

Columbia · The Great Transformation (1944)
Columbia · The Great Transformation (1944)

Economic historian. Argued that the self-regulating market was not a natural condition but a political project, and that treating land, labour and money as commodities produces a counter-movement.

Notes on this author

The move worth stealing. Fictitious commodities. Land, labour and money are not produced for sale, so any system that prices them as if they were is doing violence to something and will eventually meet the reaction.

Why it bites here. Attention and trust are the fictitious commodities of this cycle. They are not produced for sale, and every project that prices them anyway is borrowing against a reaction it cannot see yet.