Abstract: In retrospect our age will be credited with having seen the end of the self-regulating market.… Hundreds of millions had been afflicted by the scourge of inflation … stabilization of currencies became the focal point of the political thought of peoples and governments. The repayment of foreign loans and the return to stable currencies were recognized as the touchstones of rationality in politics; and no private suffering, no infringement of national sovereignty, was deemed too great a sacrifice for the recovery of monetary integrity.Karl Polanyi, The Great Transformation: The Political and Economic Origins of Our Time (Boston: Beacon Press, 1944).
Publication Year: 2002
Publication Date: 2002-09-16
Language: en
Type: book-chapter
Indexed In: ['crossref']
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