Substantivist economics

Substantivist economics is an approach that focuses on the actual economic activities and social contexts of societies, particularly non-industrial ones. It emphasizes the importance of understanding economies in their specific cultural and historical settings rather than applying universal theories. Substantivist economists argue that traditional market-centered models fail to capture the complexities of how people engage in production, distribution, and consumption in different societies. This perspective considers the roles of relationships, institutions, and social practices in shaping economic behavior, aiming for a more holistic understanding of how economies function in real life.