Before modern times… there existed, as a rule, no term to designate the concept of economic. It cannot be merely a matter of chance that until very recent times no name to sum up the organization of the material conditions of life existed in the languages of civilized peoples. Only two hundred years ago did an esoteric sect of French thinkers coin the term and call themselves economists. Their claim was to have discovered the economy.

Karl Polanyi, “Aristotle Discovers the Economy,” 71.