Wednesday, 28 March 2018

According to Polany, in the embedded economy, the economic process.... is embedded in noneconomic institutions." Explain what he means by this.

According to Polany, in the embedded economy, the economic process.... is embedded in noneconomic institutions." Explain what he means by this.
How does the ideas of the embedded economy help explain Polanyi's claim that the economy was not designated by any one word conveying the significance of food supply for man's survival? That is what are people in society with an embedded economy thinking about if they are not thinking about anima survival"(that is meeting subsistence needs)? What for example are the Arapesh thinking about in terms of what non economic institutions?
What by contrast, characterizes the economic process in a disembedded economy? Is there exchange in Arapesh society? If so how does it compare to exchange in modern society? if not how does disctribution occur?
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