Cause and effect
The book is not philosophy per se, but it does hinge on a philosophical axiom that comes through in the book in a thematic manner. Polanyi's point of view is that with every step in a new direction, effects are caused—both intentional and unintentional. For instance, he analyzes the Speenhamland laws and the history of land renting, noticing that although the relationship seems mutually exclusive (renters earn profit while working class people gain a home), the relationship is chronically empowering to the powerful party, leading to an effect through time that has made poverty into a serious crisis.
Politics and economy
Instead of saying that the economy is a separate phenomenon from politics or government, Polanyi urges his reader to understand the economy through the lens of political interests. He reminds the reader that the idea of a free market was invented, and that it seems self-explanatory and obvious, but was created by political parties for political purposes. The idea that humans naturally default to that system is a begged question, he says, and he urges his reader to be more suspicious of the connection between the market and the government.
The plight of the lower class
The book explains that before The Great Transformation, people weren't in an economy with fixed prices on commodities, but rather, communities engaged in trade between themselves to fill in the gaps of their need. Since the invention of nationalized and then globalized marketplace, that balance has shifted, and those who were able to get ahead early are now so far ahead that the class disparity between the rich and poor is unthinkable. Yes, the change brought wealth, but at what cost? he asks.
