Differentiate between ‘Formalism’ and ‘Substantivism’ schools of thought in Economic Sociology. 

The debate between Formalism and Substantivism is a foundational issue in Economic Sociology, as both schools offer differing views on how to understand economic behavior and the role of economics within society.

Formalism is the school of thought that applies formal economic models to study economic behavior. This approach treats economic actions as a set of choices made by individuals who operate within a framework of rational decision-making. Formalists argue that economic behavior can be understood through universally applicable laws, regardless of the particular social or cultural context. They believe that the principles of neoclassical economics—such as supply and demand, profit maximization, and ___ ___ _________ ______ ___ ________ ___ ___ __________.
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