Karl Polanyi argued that the economy is unable to self-regulate.

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Karl Polanyi argued that the economy is embedded in society, and therefore cannot be separated from social and political institutions. He believed that the market-driven economy was inherently unstable and required intervention from government and other social institutions to prevent social and environmental crises. Thus, he argued that the economy was unable to self-regulate.

Karl Polanyi Argued That the Economy Is Unable to Self-Regulate