Explain the concepts of embeddedness and substantive economy

Embeddedness and substantive economy are two important concepts in the field of economic sociology. These concepts help to explain the relationship between the economy and society and how they are interconnected.

Embeddedness refers to the extent to which economic transactions are rooted in and shaped by social, political, and cultural institutions. This concept was first introduced by sociologist Mark Granovetter in 1985, and it has since become a central concept in the field of economic sociology. According to Granovetter, economic transactions are not solely driven by market forces, but also by social, political, and cultural institutions that shape the behavior of individuals and organizations.

Embeddedness highlights the importance of understanding the social and cultural context in which economic transactions take place. For example, economic transactions between friends or family members are likely to be more embedded in social relationships than transactions between strangers in the marketplace. This is because the former are likely to be shaped by trust, shared norms and values, and a sense of obligation, whereas the latter are likely to be shaped by market forces such as supply and demand.

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