Books | Review of: The Great Transformation Karl Polanyi's "The Great Transformation" (1944), published in the same year as Friedrich Hayek's "The Road to Serfdom," is as sacred a text to the opponents of free-market capitalism as Hayek's is to the Chicago School. To his devotees, Polanyi showed the free market to be the enemy of humanity in "The Great Transformation." It was an alien form of social organization, he argued, created in 18th-century England only by state action propelled by ideologues. By displacing the natural social state — an idyllic system of mutual obligations that bound and protected individuals...