“Karl Polanyi talks about the invention of ‘fictitious commodities’, in particular, land and labour. He discusses how there are damaging environmental and human consequences to the spread of market forces so, as labour gets transformed into a commodity, more and more members of society are subject to the dictates and vagaries of the labour market and there’s more and more social dislocation and misery and penury that results from the spread of market forces. That was the story of The Great Transformation in the advanced economies and today, if we look around the world, there are similar transformations going on within the emerging economies of the BRICs.”
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