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DOI: 10.1086/228311
OpenAccess: Closed
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Economic Action and Social Structure: The Problem of Embeddedness

Mark Granovetter

Embeddedness
Action (physics)
Economics
1985
How behavior and institutions are affected by social relations is one of the classic questions of social theory. This paper concerns the extent to which economic action is embedded in structures of social relations, in modern industrial society. Although the usual neoclasical accounts provide an undersocialized or atomized-actor explanation of such action, reformist economists who attempt to bring social structure back in do so in the way criticized by Dennis Wrong. Under-and oversocialized accounts are paradoxically similar in their neglect of ongoing structures of social relations, and a sophisticated account of economic action must consider its embeddedness in such structures. The argument in illustrated by a critique of Oliver Williamson's markets and hierarchies research program.
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    Economic Action and Social Structure: The Problem of Embeddedness” is a paper by Mark Granovetter published in 1985. It has an Open Access status of “closed”. You can read and download a PDF Full Text of this paper here.