Michael Polanyi is most famous for his work in chemistry and the philosophy of science, but in the 1930s and 1940s he made an important contribution to economics. Drawing on rich archival materials on Polanyi and his correspondents, Gábor Biró explores their competing worldviews and their struggles to popularise their visions of the economy, economic expertise and democracy. Special focus is given to Polanyi’s pioneering economics film and postmodern ideas. This volume will be of interest to advanced students and researchers of the history of economics, philosophy of science, and science and technology studies.
Michael Polanyi is most famous for his work in chemistry and the philosophy of science, but in the 1930s and 1940s he made an important contribution to economics. Drawing on rich archival materials on Polanyi and his correspondents, Gábor Biró explores their competing worldviews and their struggles to popularise their visions of the economy, economic expertise and democracy. Special focus is given to Polanyi’s pioneering economics film and postmodern ideas. This volume will be of interest to advanced students and researchers of the history of economics, philosophy of science, and science and technology studies.
Humanity and Nature in Economic Thought: Searching for the Organic Origins of the Economy argues that organic elements seen as incompatible with rational homo economicus have been left out of, or downplayed in, mainstream histories of economic thought. The chapters show that organic aspects (that is, aspects related to sensitive, cognitive or social human qualities) were present in the economic ideas of a wide range of important thinkers including Hume, Smith, Malthus, Mill, Marshall, Keynes, Hayek and the Polanyi brothers. Moreover, the contributors to this thought-provoking volume reveal in turn that these aspects were crucial to how these key figures thought about the economy. This stimulating collection of essays will be of interest to advanced students and scholars of the history of economic thought, economic philosophy, heterodox economics, moral philosophy and intellectual history.
The polymath Michael Polanyi first made his mark as a physical chemist, but his interests gradually shifted to economics, politics, and philosophy, in which field he would ultimately propose a revolutionary theory of knowledge that grew out of his firsthand experience with both the scientific method and political totalitarianism. In this sixth entry in ISI Books’ Library of Modern Thinkers’ series, Mark T. Mitchell reveals how Polanyi came to recognize that the roots of the modern political and spiritual crisis lay in an errant conception of knowledge that served to foreclose any possibility of making meaningful statements about truth, goodness, or beauty. Polanyi’s theory of knowledge as ineluctably personal but also grounded in reality is not merely of historical interest, writes Mitchell, for it proposes an attractive alternative for anyone who would reject both the hubris of modern rationalism and the ultimately nihilistic implications of academic postmodernism.
In Michael Polanyi and His Generation, Mary Jo Nye investigates the role that Michael Polanyi and several of his contemporaries played in the emergence of the social turn in the philosophy of science. This turn involved seeing science as a socially based enterprise that does not rely on empiricism and reason alone but on social communities, behavioral norms, and personal commitments. Nye argues that the roots of the social turn are to be found in the scientific culture and political events of Europe in the 1930s, when scientific intellectuals struggled to defend the universal status of scientific knowledge and to justify public support for science in an era of economic catastrophe, Stalinism and Fascism, and increased demands for applications of science to industry and social welfare. At the center of this struggle was Polanyi, who Nye contends was one of the first advocates of this new conception of science. Nye reconstructs Polanyi’s scientific and political milieus in Budapest, Berlin, and Manchester from the 1910s to the 1950s and explains how he and other natural scientists and social scientists of his generation—including J. D. Bernal, Ludwik Fleck, Karl Mannheim, and Robert K. Merton—and the next, such as Thomas Kuhn, forged a politically charged philosophy of science, one that newly emphasized the social construction of science.
Society, Economics and Philosophy represents the full range of Polanyi's interests outside of his scientific work: economics, politics, society, philosophy of science, religion and positivist obstacles to it, and art. Polanyi's principal ideas are contained in three essays: on the scientific revolution, the creative imagination and the mind-body relation. Precisely because of Polanyi's work in the physical sciences, his writings have a unique dimension not found in other advocates of the market and too infrequently found even in philosophers of science. Polanyi was a powerful critic of totalitarianism and of the deficiencies of the usual defenses of freedom which helped to prepare the way for it. Freedom, he argued, can be based only upon truth and dedication to transcendent ideals, not upon skepticism, utilitarianism and the liberty of doing merely as one pleases. At a time when easy slogans about socialism were dominant in intellectual circles, epitomized by Sidney and Beatrice Webb, and when calls for the central planning of scientific research were made by such as J.D. Bernal, Polanyi exposed their errors and showed that science can flourish only in a free society. More radically than even von Mises and Hayek, Polanyi showed that an industrial economy can operate only "polycentrically", that central planning is logically impossible, and that what was called by that name in the Soviet Union was in reality no such thing. Likewise, scientific research can proceed, not by a central plan, but only by the spontaneous self-adjustment of separate initiatives to discover a common reality. Against the positivism dominant within philosophy of science, he argued that the notion of reality must be restored and made central. Yet physical sciences, he also argued, are only one branch of science, and the sciences of life and mind are logically richer and more complex and cannot be reduced to the former, nor mind to body or to computers, nor art to its physical bases. This volume makes accessible the most important of those of Polanyi's published articles which were not incorporated into any of his books. It also includes a full bibliography and brief summaries of the articles which were not included, both prepared by the editor, both prepared by the editor, Dr. R.T. Allen, editor of Appraisal, a journal inspired by Polanyi, who has published books and articles on Polanyi, both at home in Britain and abroad.
"The Tacit Dimension" argues that tacit knowledge -tradition, inherited practices, implied values, and prejudgments- is a crucial part of scientific knowledge. This volume challenges the assumption that skepticism, rather than established belief, lies at the heart of scientific discovery.
Karl Polanyi’s The Great Transformation is generally acclaimed as being among the most influential works of economic history in the twentieth century, and remains as vital in the current historical conjuncture as it was in his own. In its critique of nineteenth-century ‘market fundamentalism’ it reads as a warning to our own neoliberal age, and is widely touted as a prophetic guidebook for those who aspire to understand the causes and dynamics of global economic turbulence at the end of the 2000s. Karl Polanyi: The Limits of the Market is the first comprehensive introduction to Polanyi’s ideas and legacy. It assesses not only the texts for which he is famous – prepared during his spells in American academia – but also his journalistic articles written in his first exile in Vienna, and lectures and pamphlets from his second exile, in Britain. It provides a detailed critical analysis of The Great Transformation, but also surveys Polanyi’s seminal writings in economic anthropology, the economic history of ancient and archaic societies, and political and economic theory. Its primary source base includes interviews with Polanyi’s daughter, Kari Polanyi-Levitt, as well as the entire compass of his own published and unpublished writings in English and German. This engaging and accessible introduction to Polanyi’s thinking will appeal to students and scholars across the social sciences, providing a refreshing perspective on the roots of our current economic crisis.
