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Tradition and Discovery: The Polanyi Society Periodical

Volume 46, Issue 2, July 2020

Nilanjan Raghunath
Pages 43-56

Full Employment and the Cryptocurrency Economy
Lessons Learnt from Michael Polanyi

Cryptocurrencies present a disruption to financial institutions, investments, and markets. Should governments therefore allow cryptocurrencies or ban them? How will they affect the flow of money? What form of economic justice should the cryptocurrency market adopt? Who should be involved in the determining of the economic justice? I claim that Michael Polanyi’s theories about employment, money, trade, and his overarching sociotechnical vision of society and the economy can help us understand the current labour market challenges and solutions in view of the digital economy.

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