He is a member of the Queen's Privy Council for Canada (P.C.). In 1974 he was made an Officer of the Order of Canada and was promoted to Companion in 1979.
Polanyi earned his Ph.D. in philosophy Philosophy is a discipline or field of study involving the investigation, analysis, and development of ideas at a general, abstract, or fundamental level.
Polanyi fled Austria in 1933 as the short-lived Austrian Republic began to collapse and fascist influence began to grow.
Polanyi is remembered today as the originator of a 'substantivist' approach to economics, which emphasized the way economies are embedded in society and culture.