The New Masters of the Universe

In his 1944 classic, The Great Transformation, the economic historian Karl Polanyi told the story of modern capitalism as a “double movement” that led to both the expansion of the market and its restriction. During the eighteenth and early nineteenth centuries, old feudal restraints on commerce were abolished, and land, labor, and money came to be treated as commodities. But unrestrained capitalism ravaged the environment, damaged public health, and led to economic panics and depressions, and by the time Polanyi was writing, societies had reintroduced limits on the market. Shoshana Zuboff, a professor emerita at the Harvard Business School, sees a new …