Analysis Of Adam Smith And Karl Polanyi's The Great Transformation

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In The Great Transformation Karl Polanyi analyzes the conditions under the historical and revolutionizing period in time in which market societies suddenly developed. The process of change is seen as a combination of certain gains and losses to the evolution of a civilization. Both Adam Smith and Karl Marx can be said to have had the world’s interest at heart when it comes to the prosperity and progression of the human race. Adam Smith begins his analysis of the market society with a look at the division of labor. He elaborates on the idea that the division of labor is essential for the growth of a civilization. Smith explains how for example, the production of pins can be done more efficiently with the breaking down and deconstruction of

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