Karl Polanyi's The Great Transformation has had enormous influence since its publication in 1944. In form, this influence has been salutary: Polanyi targets one of the main weaknesses of modern economics. But in substance, Polanyi's influence has been baneful. Mirroring the methodological blindness he criticizes, Polanyi insists on the all‐or‐nothing existence/ nonexistence of laissez faire—and on its all‐or‐nothing goodness/badness.

Based on Michel Foucault's 1978 and 1979 lectures at the Collège de France on governmental rationalities and his 1977 interview regarding his work on imprisonment, this volume is the long-awaited sequel to Power/Knowledge.