The counter-movement by workers and communities to regulate the excesses of markets as businesses push for the expansion of markets theorized by Polanyi is known as "embeddedness."
Here's why:
1. Polanyi, a prominent economic historian and sociologist, argued in his book "The Great Transformation" that markets cannot exist in isolation and should be embedded within social, political, and cultural structures to prevent harmful consequences.
2. According to Polanyi, when markets become disembedded from society and are left unregulated, they can lead to exploitative labor practices, environmental degradation, and social inequalities.
3. Workers and communities advocating for regulations, worker protections, fair wages, environmental sustainability, and social welfare programs are examples of the counter-movement towards embeddedness.
4. By pushing back against unbridled market forces and promoting regulations that prioritize human well-being and sustainability, the counter-movement aims to balance economic growth with social and environmental concerns.
In summary, the concept of embeddedness represents the efforts made by workers and communities to ensure that markets operate within a framework that considers broader social values and safeguards against the negative impacts of unfettered market forces.
