The term ‘embeddedness’ has been shaped and re-shaped by the research of economic sociologists in the 20th century.
Karl Polanyi initiated the academic debate on embeddedness with the publication of ‘The Great Transformation’ in 1944. His basic argument was that the institutions of embedded traditional economies are being destroyed by a self-regulating market economy in which the market no more serves the needs of the people but rather reversed, that people would have to meet the needs of the market. As a consequence, the expansion of the formal market economy would lead to the disembedding of local economies with ‘catastrophic consequences’ for local communities.
Inside this edition
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