Abstract
The concept of embeddedness of economic action was shaped differently by Karl Polanyi and Mark Granovetter. It is a pooling concept for all approaches in economic sociology that frame economic interaction as entangled in patterns of social networks, knowledge, institutions, and norms. Accordingly, embeddedness can be structural, cognitive, political, and cultural. These different social structures enable actors to solve problems of coordination of individual rational action and bring about stable social order and cooperation within markets, both of which exceed the framework of methodological individualism. Definition and critique of the concept of embeddedness lead to the general social theory question of whether economic rationality is dependent on, equal to, or preemptive to other forms of social action.
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