Regarding the one hand, in “The Livelihood of guy,” Polanyi provided an anthropological viewpoint regarding the problem to be able to show that an embedded economy is certainly not an alien concept.
He demonstrated that being embedded in social relations was, in tribal communities, the natural status of any financial system and that from which economic organizations later developed (Polanyi 1977). This significant social dimension of an embedded economy, based on Polanyi, sheltered economic interactions from “the corrosive aftereffects of antagonistic emotions” (Polanyi 1977, p. 56) connected with economic motives such as for instance profit, gain and re payment (Polanyi 1977, p. 52). Nonetheless, to be able to optimise the identified benefits of an embedded economy, there is certainly a need for “an elaborate social organisation” that can do this task, that has been satisfied in tribal communities by “kinship” (Polanyi 1977, p. 53, 55).
Having said that, in “The Great Transformation,” Polanyi examined the necessity for the thought of “embeddedness,” its applicability in addition to social organisations needed for an optimised economy that is embedded. In this respect, their argument ended up being very mindful of the social and financial modifications brought by the Industrial Revolution towards the finish of this eighteenth century together with very early nineteenth century. “The Great Transformation” depicted a definite image of the modifications towards the financial sphere in which a self-regulating market, supported by the political capabilities during the time, became the organising energy regarding the economy. Pokračování textu It could be recommended that the collective work of Polanyi took an approach that is diverse describing the concept of the “embeddedness” for the economy.