Abstract:

In his book, “The Great Transformation”, Karl Polanyi shows the paradox of liberal capitalist regime: Liberal market utopias must fail because the three main factors labour, soil and money do not behave like reproducible goods. A strong part of the book is dedicated to the Great depression, where liberal rights and norms were abandoned to save the currency. The same observations can be made in the crisis of the Eurozone, where we see similar abdications of liberal rule of law in Europe.