Karl Polanyi's seminal work, 'The Great Transformation,' critically examines the historical process that led to the establishment of the modern market economy. Polanyi argues against the notion of a self-regulating market, demonstrating how its rise necessitated the disembedding of economic activity from social relations, ultimately reshaping societal structures and the global political economy. This profound analysis offers insights into the dangers of unchecked market forces and the continuous interplay between economics and society.