Economic History

To the Arapesh , the concept of the economy was irrelevant . hence even though their society was based around activities that had a high direct of scotch content , these activities were not perceived by the Arapesh as having any economic value . Rather these activities were conducted in to hold open the existing favorable balance . For example the purpose of capture and gathering in the Arapesh society was not to sustain their stimulate lives , but to sustain the lives of their neighbors This is what Polanyi might have meant by the comment of the embedded economy . The Arapesh society is a pre-capitalist one . Therefore there are no specialized institutions which conduct the product line activities This is the main difference between an embedded economy and a disembedded economy . In the case of the embedded economy , economic activities are not separate from the social activities . In some other words the economic activities are embedded in the social system as in the case of the Arapesh .

The activities of production and dispersion are taken care of accordingly . As a result , there is no separate existence of the economyIn the advanced(a) economy , the two important activities are production and diffusion . In to conduct these activities , institutions are created and these institutions specialize in diminution the costs of conducting these activities . These are called economic institutions in that they are all in all separate from the social institutions . Because these institutions specialize in conducting different activities , a common means of exchange is money . The currencies determine the total...If you wishing to get a full essay, order it on our website: Orderessay

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