What were the core ideas of Mark Granovetter on “embededness” in society?

Mark Granovetter's concept of "embeddedness" in society emphasizes the interconnection between social relations and economic behavior. He argues that economic activities are deeply embedded within social networks and institutions, shaping and being shaped by social ties, norms, and trust. Granovetter's core ideas can be summarized as follows:

1. Social Networks: Granovetter highlights the importance of social networks in facilitating economic transactions and exchange. He suggests that individuals rely on their social connections to gather information, gain access to resources, and make decisions, thereby embedding economic actions within social relationships.

2. Trust and Reciprocity: Within social networks, trust and reciprocity play crucial roles in fostering economic interactions. Granovetter emphasizes that trust arises from repeated interactions and mutual obligations, enabling individuals to engage in economic exchanges with confidence.

3. Information Flows: Social networks serve as channels for the flow of information, allowing individuals to access knowledge about market opportunities, job prospects, and other economic resources. Granovetter argues that dense social ties enable more efficient information transmission and coordination of economic activities.

Overall, Granovetter's concept of embeddedness underscores the intimate connection between social structures and economic behavior, challenging the notion of a purely rational, self-regulating market. He emphasizes the importance of understanding the social context in which economic transactions occur, highlighting the role of social networks in shaping economic outcomes.