Society embedded in economy from "summary" of The Great Transformation by Karl Polanyi
The concept of society embedded in economy is a fundamental aspect of understanding the interconnectedness between economic systems and social structures. This concept challenges the traditional assumption that the economy exists as a separate entity from society, operating according to its own laws and principles. Instead, it argues that economic activities are deeply intertwined with social relations, cultural norms, and political institutions. In this view, the economy is not an autonomous sphere governed by the market forces of supply and demand, but rather a system that is shaped and constrained by social factors. This perspective recognizes that economic transactions are not purely rational exchanges between self-interested individuals, but are embedded within broader social contexts that influence behavior and outcomes. Karl Polanyi, in his book 'The Great Transformation', explores how the rise of market economies in the 19th century led to the commodification of land...
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