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

Question

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

02 Aug 2023

Answer :

Word Count : 367

Karl Polanyi, a Hungarian economic historian and sociologist, introduced the concept of the "embeddedness" of the economy in his influential work, "The Great Transformation" (1944). Polanyi argued that the economy is not a separate, autonomous sphere of human activity, but rather deeply embedded within social and cultural relations.

According to Polanyi, in traditional and pre-capitalist societies, economic activities were embedded within social institutions, norms, and values. Economic transactions were guided by social obligations _______ ___ ____ ______ _________ _____ _________ _________ ______ _____ _________ _______.
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