Question

In Economic Sociology, substantivism and formalism can be distinguished as:

• A. Formalism is based on inductive understanding and substantivism is based on experience
• B. Formalism is based on a deductive mode of thinking and substantivism can be understood through one's experiences
• C. Formalism is based on embeddedness and substantive economy is based on the idea that economy can be understood through one's social relationships
• D. 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

Answer 1

The Correct Option is B

The correct option is (B): Formalism is based on a deductive mode of thinking and substantivism can be understood through one's experiences