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Karl Polanyi’s Great Transformation and the Counter Movement to Capitalism

1 min read

From:  Karl Polanyi’s Great Transformation and the Countermovement to Capitalism

The outright abolition of democracy was the fascist project. In Polanyi’s view, it aimed to overcome society’s division into economic and political spheres by subordinating politics (democracy) to the unconstrained rule of capital. 


Polanyi argued that democracy was not a political regime of capitalist society. Rather, democracy and capitalism were separate systems, pulling in opposite directions.