Trade and Markets in the Early Empires

In Trade and Markets in the Early Empires, Karl Polanyi and his collaborators examined nonmarket societies, contrasting them with the market economy that emerged in the 19th century. Polanyi argued that economies are not isolated systems but are deeply embedded within social structures, customs, and norms. He believed that attempting to create a self-regulating market economy, separate from social constraints, was inherently divisive and unsustainable, leading to societal backlash. This work explores how economic activities in early empires were integrated into broader social and institutional frameworks, rather than being driven solely by profit or exchange principles.12