Karl Polanyi Quote

The true nature of the international system under which we were living was not realized until it failed. Hardly anyone understood the political function of the international monetary system; the awful suddenness of the transformation thus took the world completely by surprise. And yet the gold standard was the only remaining pillar of the traditional world economy; when it broke, the effect was bound to be instantaneous. To liberal economists the gold standard was a purely economic institution; they refused even to consider it as a part of a social mechanism.


The Great Transformation (1944) - Ch. 2 : Conservative Twenties, Revolutionary Thirties

Picture Quote 1

The true nature of the international system under which we were living was not realized until it failed. Hardly anyone understood the political...

Picture Quote 2

The true nature of the international system under which we were living was not realized until it failed. Hardly anyone understood the political...

Picture Quote 3

The true nature of the international system under which we were living was not realized until it failed. Hardly anyone understood the political...

Picture Quote 4

The true nature of the international system under which we were living was not realized until it failed. Hardly anyone understood the political...