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Karl Paul Polanyi (Hungarian: Polányi Károly [ˈpolaːɲi ˈkaːroj]; born October 25, 1886, Vienna, Austro-Hungarian Empire – April 23, 1964, Pickering, Ontario) was a Hungarian-American economic historian, economic anthropologist, economic sociologist, political economist, historical sociologist and social philosopher. He is known for his opposition to traditional economic thought and for his book, The Great Transformation, which showed how the emergence of market-based societies in modern Europe was not inevitable but historically contingent. 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, econ

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