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Editorial introduction to ‘Collectivist planning’ by Michael Polanyi (1940)

Published online by Cambridge University Press:  20 August 2019

Geoffrey M. Hodgson  and
Michael Polanyi
Geoffrey M. Hodgson*
Affiliation:
Loughborough University London
Michael Polanyi
Affiliation:
Loughborough University London
*
*Corresponding author. Email: [email protected]
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Abstract

After an esteemed academic career as a chemist, Michael Polanyi switched to the social sciences and made significant contributions to our understanding of the nature and role of knowledge in society. Polanyi's argument concerning knowledge led him to emphasise the vital importance of decentralised mechanisms of adjustment and coordination, including markets. His article ‘Collectivist Planning’ (1940) enters into debates about the possibility (or otherwise) of centrally planning scientific and economic activity. This early article also foreshadows post-war debates within the Mont Pèlerin Socierty (formed in 1947) concerning the economic role of the state and the future of liberalism.

Keywords

Michael Polanyiknowledgesciencesocialismmarkets
Type
Fragment
Information
Journal of Institutional Economics , Volume 15 , Issue 6 , December 2019 , pp. 1055 - 1074
Copyright
Copyright © Millennium Economics Ltd 2019 

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