This article re-examines the argument presented by the economic historian Karl Polanyi in his major work, The Great Transformation, regarding the integration of money into a self-regulating market system in the United States. Polanyi argued that money was only included in the self-regulating market system in 1900 with the establishment of a formal gold standard. The establishment of the Federal Reserve System appeared to be the initial response to this development. It is the contention of …showed first 75 words of 2459 total…

…showed last 75 words of 2459 total…Chennat Gopalakrishnan, "Culture, Economic Development, and Quality of Life: A Speculative Comment on the Case of Kerala, India", American Journal of Economics and Sociology, Vol. 47, No. 4 (October 1988), 455-57. John Maynard Keynes has said that "the political problem of humankind is to combine three things: Economic Efficiency, Social Justice, and Individual Liberty" (cited in Fred Block, "Capitalism Without Class Power", Politics & Society, Vol. 20, No. 3 (Sept. 1992), 277). Karl Polanyi, The Great Transformation (Boston: Beacon Hill Press, 1944)