In class, we’ve drawn a distinction between economic sociology and the “classical economic approach”. In your own words, how do these two perspectives differ? In answering this question, make sure that you also discuss how the concept of embeddedness helps us to understand this distinction between economic sociology and “classical economics”. Drawing from your own experiences, provide a real-world example of the concept of embeddedness in the contemporary economy (one not specifically addressed in the readings).
Additionally, how does the concept of embeddedness help us more completely understand the issues we’ve discussed in class (ex. inequality and mobility, the power of organizations, the financial industry, internal job ladders, bubbles, racial animosity). You do not need to address all of these issues that we’ve covered, but select a few to use as examples.
