The Great Transformation: The Double Movement in China

KM: Both the title and the subtitle of this essay are adopted from Karl Polanyi, who published his famous book The Great Transformation: The Political and Economic Origins of Our Time in 1944. More than six decades have passed since its publication, but, as Joseph E. Stiglitz states in the preface of the recent new reprint, “the issues and perspectives Polanyi raises have not lost their salience . . . it often seems as if Polanyi is speaking directly to present-day issues.” ... China is experiencing “a transformation unprecedented in thousands of years” (qiannian weiyou zhi da bianju). More than one hundred years ago, the Qing official Li Hongzhang used these words to describe the era he was living in. Two decades later, the May Fourth generation had a similar take on their time, too. However, in terms of the economic foundation and the speed, depth, and scope of the social structure’s transformation, no other era can be compared to the last two decades or so.