What concept did Polanyi contribute to social sciences?
Polycentric spontaneous order
Game theory
Behavioral economics
Cultural relativism
Answer
Polycentric spontaneous order, a concept contributed by Polanyi to social sciences, refers to the emergence of complex, self-organizing systems without central coordination. It highlights the decentralized nature of social and economic phenomena, where individuals and groups interact and make decisions based on their own knowledge and preferences, leading to the formation of dynamic and adaptive systems.
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