As a lead text in the contemporary view on the philosophy of science, this is likely the most succicnt and elegant. This slim volume is divided into three lectures with an introduction that contextualizes the arugment for this reprint. Polanyi, a celebrated physical chemist, was also a startingly insightful philsopher on many different subject. For chemists, it seems the necessarily theoretical aspect of the physical discipline produces some interesting characters, which in some ways is a fact that supports the thesis.
This work is elucidated in three parts. Part one (Science) essentially defines the modern interpretation of science and scientists themselves in a fairly radical way essentially as an art that requires a unique skillset including most importantly an element of well-guided intuition. Science is not just a series of concrete laws or axioms that are systematically proven in some dogmatic fashion but instead is a continual process of examination with occasional lapses into dead ends and mistaken consensus. This view, proceeding the Kuhnian analysis of science by at least a decade, has been supported continually in other independent mediations.
Part two (Faith) is possibly the easiest to misunderstand. Here Polanyi attempts to show how through a historically honed process of master-apprentice teaching coupled with a non-hegemonic operational organization of scientists, the practice and development of science creates an order that on one-hand produces a highly egalitarian group that similarly produces and vettes quality information in a way no other collective has to date. Included in this discussion is a very sound argument for the resilence of science to stand up against psuedo-scientific perspectives such as astrology or creationism and that to deny these fantasies their day in court as it were was more of a threat to science then the fantsies themselves. We can see in this perspective the reason Polanyi describes this as faith; perhaps it is not intended in the religious-ideological sense.
Part three (Society) takes these two conditions of science and shows how in the context of many societies (although liberal democracies appear most-suited in his view) the function of scientific endeavor can bolster other social institutions as a exemplary ideal or even a stark counter-point when the institutions are in an existential crisis. Similarly, society can in turn present dangerous precendents. As the introduction provides a stark example, where the former Soviet Union at one time so redefined the idea of science to a merely dialectical tradition in the Marxist framework of social function that although not tainting the fruits of this work, inhibited the process for free investigation into natural phenomenon. Additional arguments are made against anti-semitic denial of Einsteinian theory by the Nazi regime.
Now approaching thee-quarters of a century later, as a post-modern world comes to past, how do these arguments stand? Frankly, I think this depiction of science if it somehow breaks a previously existing mold is sound indefinitely or at least as an inspirational case should. So the major point of difference would exist in the social connection with science. To be sure, science is never before more under attack then ever before by political and religious ideologues that seek to undermine a tradition of liberal investigation. But as Polanyi shows, that due to being utterly grounded in materialistic and naturalistic investigation and essentially rejecting the transcendental (except as Polanyi discusses in the sense of meaning of truth and its iterations), therefore insulated in practice by political critique, that the attempts to undermine science in the court of public opinion ("climategate") or in its educational foundations (forcing creationism into science textbooks) or interjection of pseudo-scientific ideas into the discourse (climate deniaiers) all of these endevaors will ultimatley fail due to the decentralized power of the scientific community.
The only contemporary threat to science as Polanyi describes in the introduction, as I see it, is the means to turn science into a competitive market dependent on economic resources such as funding or grants so as to define the course of scientific investigation. This currently is a political tool that is being used against scientific communities around the world. Ironically, it is the neoliberal institutions of the world who are attacking the liberal tradition of science in this situation. But even then social and operational organizations are forming to downplay this affront. Journals like PLoS and other schemes of non-restrictive intellectual property initiatives are underway mostly in developing nations. Also, counter-spin organizations such as Union of Concerned Scientists and others are specifically focused on exposing the blatant politicization of science underway in contemporary society.
At the end of the day, this little book made me more proud than any personal triumph or revelation in my own personal journey through science as to why I consider myself a scientist among all -isms I dabble in. This pamphlet should be required reading in any high school science class or at least definitely in any history of science type class at university.