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The Methodology of Polanyi’s Great Transformation

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  • Asad Zaman

    (Pakistan Institute of Development Economics, Islamabad)

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 analysed in isolation, as current approaches assume.

Suggested Citation

  • Asad Zaman, 2016. "The Methodology of Polanyi’s Great Transformation," PIDE-Working Papers 2016:133, Pakistan Institute of Development Economics.
    • Handle: RePEc:pid:wpaper:2016:133
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    File URL: https://www.pide.org.pk/pdf/Working%20Paper/WorkingPaper-133.pdf
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    References listed on IDEAS

    as
    1. Mehmet Karacuka & Asad Zaman, 2012. "The empirical evidence against neoclassical utility theory: a review of the literature," International Journal of Pluralism and Economics Education, Inderscience Enterprises Ltd, vol. 3(4), pages 366-414.
    2. Bairoch, Paul, 1995. "Economics and World History," University of Chicago Press Economics Books, University of Chicago Press, edition 1, number 9780226034638.
    3. Malthus, Thomas Robert, 1798. "An Essay on the Principle of Population," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number malthus1798.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Ugo Pagano, 2016. "Property, Possession and Knowledge," Department of Economics University of Siena 744, Department of Economics, University of Siena.
    2. Asad Zaman, 2020. "New Directions in Macroeconomics," International Econometric Review (IER), Econometric Research Association, vol. 12(1), pages 1-23, April.
    3. Hubert Gabrisch, 2020. "Elements, origins and future of Great Transformations: Eastern Europe and global capitalism," The Economic and Labour Relations Review, , vol. 31(2), pages 172-190, June.
    4. Asad Zaman, 2019. "Launching a Revolution, based on Islamic Foundations إطلاق ثورة في الاقتصاد، تقوم على القيم الإسلامية," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 32(2), pages 77-88, January.
    5. Anne Mayhew, 2016. "A Commentary on Asad Zaman's paper: 'The Methodology of Polanyi's Great Transformation'," Economic Thought, World Economics Association, vol. 5(1), pages 1-64, March.

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    More about this item

    Keywords

    Methodology; Social Science; Capitalism; Liberalism;
    All these keywords.

    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

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