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Economic Action and Social Structure: The Problem of Embeddedness

What is embeddedness in social economics?
Embeddedness entails that actors' preferences can only be understood and interpreted within relational, institutional, and cultural contexts.
This is in direct contrast to the basic assumptions that inform neoclassical economic analysis, rational choice theory, and important strands of new institutional economics.
What does it mean to say that economic Behaviour is embedded in societies?
In economics and economic sociology, embeddedness refers to the degree to which economic activity is constrained by non-economic institutions.
The term was created by economic historian Karl Polanyi as part of his substantivist approach.
What is an economic social structure?
Macro-level social structure refers to the structure of the socioeconomic class system, social institutions, and other patterned relationships between large social groups.
Meso-level social structure refers to the structure of social network ties between individuals or organizations.
The theory of embeddedness was first developed by Granovetter (1985).
Granovetter argues that economic activities are embedded within social structures and thus comprehensively understanding these activities requires accounting for their embeddedness within and connectedness to these social structures.

What is embeddedness in social economics?