The Great Transformation Of The Market Society

1486 Words Apr 7th, 2015 6 Pages
The market society has changed and transformed into a set of ideas only based on commodities. The market society is a human invention that took place with the ideas of capitalism. The great transformation started with the modern state. It is crucial to understand the great transformation because prior, in the past, the market had little say on the society. Currently the market is what shapes our society and culture. The role of the market has drastically and dramatically changed and is something that controls people.

To understand the great transformation it is first important to understand ‘the market society’. For Polanyi, the market society is when the society and social relations are imbedded into the economy. For him a market economy has become a market society when all of land, labour, and capital are commodified. This is the brief definition of what the market society is. An example, which comes to mind right away, is that in the past everything was done by hand, and workers worked to finish a task or job assigned. Once they completed what was given to them, then the workers would use it for their own benefit. Their own benefit would be to either use what they produced and made or trade it for what is needed in their daily. This is what work was. Now machineries took place and it transformed everything. So whatever the society needs is produced in large amounts, and whatever is not sold, will eventually be sold.

The market, economy and social structure use to be…
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