Write an essay on the economic process.
The Embedded Economy
Length: 3 pages (825 Words)
When Karl Polanyi says “the economic process…is embedded in non-economic institutions”, he wants to mean that economic action happens in the non-economic situation. Although these actions have the economic concept, themselves occur because of non-economic reason. He thinks that economics is related to daily life. The non-economic factors such as social relationship, blood relation, or emotion, these factors make economics blend into everyday life to form embedded economics. The economics are produce and exchange.
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