In 1944, Hungarian economist Karl Polanyi wrote a masterpiece on political economy that revolutionised the study of economic theory. In The Great Transformation, Polanyi demonstrated that the state and market are not oppositional concepts. In fact, it is the state that creates markets. The state does this by developing the enabling conditions that make the functioning of markets possible. The Great Transformation referred to the social and political upheavals that accompanied the birth of the market economy in England in the 19th century.
India is in the midst of a ‘Great Transformation’ of its own. Hindu mobs are ushering in a new India through routine, low-grade violence that is now firmly embedded in the grassroots.

