What did Polanyi's polycentric order concept oppose?
Central planning
Free markets
Democracy
Socialism
Answer
Central planning, a concept that advocates for a centralized authority to control economic decision-making, was opposed by Polanyi's polycentric order concept. Polanyi believed that economic activities should be decentralized and coordinated through market mechanisms, rather than through a central authority. His polycentric order concept emphasized the importance of local knowledge, autonomy, and self-organization in economic systems.
Michael Polanyi Brainwave Challenge: 31 Questions to test your mental acuity
Subscribe Now!
Learn something
new everyday
Playing quizzes is free! We send 1 quiz every week to your inbox