Karl Paul Polanyi (Hungarian: Polányi Károly [ˈpolaːɳi ˈkaːɾoj]; born October 25, 1886, Vienna, Austro-Hungarian Empire – April 23, 1964, Pickering, Ontario) was a Hungarian-American economic historian, economic anthropologist, political economist, historical sociologist and social philosopher. He is known for his opposition to traditional economic thought and for his book, The Great Transformation. Polanyi is remembered today as the originator of substantivism, a cultural approach to economics, which emphasized the way economies are embedded in society and culture. This view ran counter to mainstream economics but was popular in anthropology, economic history, economic sociology and political science.
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