We consider various inequalities for polynomials, with an emphasis on the most fundamental inequalities of approximation theory. In the sequel a key role is played by the generalized Minkowski functional \alpha(K,x), already being used by Minkowski and contemporaries and having occurred in approximation theory in the work of Rivlin and Shapiro in the early sixties. We try to compare real, geometric methods and complex, pluripotential theoretical approaches, where possible, and formulate a number of questions to be decided in the future. An extensive bibliography is given to direct the reader even in topics we do not have space to cover in more detail.