Question:
In Economic Sociology, substantivism and formalism can be distinguished as:
In Economic Sociology, substantivism and formalism can be distinguished as:
Updated On: Aug 5, 2024
- Formalism is based on inductive understanding and substantivism is based on experience
- Formalism is based on a deductive mode of thinking and substantivism can be understood through one's experiences
- Formalism is based on embeddedness and substantive economy is based on the idea that economy can be understood through one's social relationships
- Formalism is a rational understanding of the economy of non-capitalist societies and a substantive understanding is the study of the embeddedness in people's exchange relationships in a capitalist society
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The Correct Option is B
Solution and Explanation
The correct option is (B): Formalism is based on a deductive mode of thinking and substantivism can be understood through one's experiences
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