What did Karl Polanyi mean by the concept of embededness of economy?

Karl Polanyi was a 20th-century economist and social theorist who was known for his critiques of classical economics and his concept of the "embeddedness" of the economy. He argued that the economy is not a self-regulating entity, but rather is embedded within a larger social, political, and cultural context.

In Polanyi's view, the idea of a self-regulating market economy was a fiction created by classical economists. He argued that the idea of a self-regulating market economy was an abstraction that ignored the complex social, political, and cultural factors that shape economic activity. For example, Polanyi pointed out that the price mechanism in a market economy only works if there are institutions and laws in place to enforce contracts, protect property rights, and provide a stable monetary system.

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