Which of the following terms refers to the economic viewpoint focused on socially embedded economies?

The term that refers to the economic viewpoint focused on socially embedded economies is Substantive Economics. This concept, introduced by anthropologist Karl Polanyi, emphasizes the importance of social relationships and cultural contexts in understanding economic systems. Unlike formalist economics, which applies mathematical models to economic behavior, substantive economics considers how economic activities are influenced by social norms, values, and institutions.

Substantive economics views economies as embedded within the social fabric of a society, stressing that economic interactions cannot be separated from the social and cultural contexts in which they take place. This approach is particularly relevant in anthropological studies where understanding the complexities of local economies requires acknowledging the relationships and societal structures that shape them.

By focusing on how economic actions are influenced by social relationships and cultural contexts, substantive economics provides a framework that is essential for examining diverse economic systems beyond Western capitalist models.