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Introduction
Social theory explains the effect of social relationships on the social and economic institutions in the society. Many social theorists, classical, and neoclassical theorists have focused this field (Granovetter 481). The interaction between different structures of the society is becoming intense with most of the structures depending on others. In modern market economies, interaction between social and economic structures is narrowed to individual influences in each system or structure.
The growth of the society has resulted in the need for the opening of economics, and this is known as economic liberalization. The liberalization of economies and the development of competitive markets cause many questions concerning the embeddedness of political, social, and economic structures in society. Competitive market economies are controlled by generative market force. These forces are demand and supply.
These market forces continue to take shape in the society, and this causes questions on whether political and social structures still have a strong force in the working of free and competitive markets. This forms the main topic of this research. The topic of research is assessing the role and impact of social and political structures in the working of modern liberal markets.
The research problem
This research seeks to ascertain the level of interplay and contribution of political structures in shaping the working of modern economies. The topic of the research has been motivated by the continued argument on the embeddedness of political, economic, and social structures.
With considerable demand and direction towards completely liberalized economies, the level of embeddedness of these structures seems to decline. However, many researchers still hold to the view that these structures are embedded. They fail to produce real findings indicating that the structures are still embedded as argued by classical theorists and now neoclassical theorists.
Another aspect that warrants the attention of researchers is the impacts of detachment of one structural function from the working of another structure. A good example can be the elimination of political structures in respect to the working of economies. The difficult question that is posed to social theorists regarding this subject is the establishment of the most important structure that carries all the others. Does a social structure prevail within the larger economic structure or is the vice versa true?
Many economic theorists continue to argue for the essence of political influence on the working of economies. They base their argument on a number of economic crises that have occurred and the role that political structures have played in remedying such situations. This seems to be a logical argument, but attention should also be given to how such situations develop.
It cannot be denied that social and political structures impact on economic structures. The level of influence of these structures has to be given much attention too. Economic structures are said to have strong foundations in political structures. Free market economies, otherwise known as Laissez-faire, are outcomes of political economies.
As economies are set and keep working in the social environment, they are controlled by forces within them together with the influence of the social environment. Can social and political structures be separated from the working of economic structures or is it only the influence that can be reduced? This is an ignored concern in the modern economic operation where many people are used to associating the working of the three main societal structures.
Differences continue to be seen in terms of the changes that are taking place within each structure of the component. The modern society is undergoing a transformation. Transformation comes with many changes, and most of the changes result in the removal of facet points of linkages between one system and other systems.
The changing structure of the economy in the society has an impact on the embeddedness of the critical systems of the society. This is being sidelined with the emphasis on the existence of extensive relations between societal systems. This research attempts to fill this gap by tackling this ignored dimension of social research.
Main purpose of research
Most arguments on social theory have argued for the embeddedness of the three structures of the society. However, the organization of the society is changing with changes in the economic patterns of society. The world is adopting a liberalized market economy. The main purpose of this research is to prove the difference in the level of embeddedness between economic structure and the social and political structures.
Research objectives
There are four main objectives of this research study. These objectives will open up the research subject by streamlining the path taken in the research.
The first objective is to define the term embeddedness in relation to the three systems of society: social
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