Definition:

In 1944, Austrian cultural anthropologist Karl Polanyi wrote his most important work called The Great Transformation, in which he argued that capitalism as a social mechanism was an anomaly. He also argued that the traditional forms of societal glue (reciprocity, redistribution and communal obligations) would be destroyed by the ascendancy of the market economy. And, oh boy, was he right.

This glossary entry is part of the Dictionary of Archaeology. Sources for the term include the references listed on the front page of the Dictionary, and the websites listed in the sidebar.