SOSC Lecture #4
October 10 2013
5. The Great Transformation
• Transition from traditional society to modern society
• 1944, Polanyi “The Great Transformation”
• Bell: 1976, sees development of mass production, installment, wide spread buying,
credit, “shrinking of the world”.
• Bell: we become more alike because of modernity.
• Automobile biggest symbol of modernity to Bell
• Polanyi: Modernity -> Disembedded, Self-Regulating Free Market Economy.
• Market is spate from society.
• Land is environment, labour is humans, capital is method of exchange
• Thomson: Child labour is different in industrial revolution
• Factors of production, bought and