What is a Formalism and Substantivism ?
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The opposition between substantivist and formalist economic models was first proposed by Karl Polanyi in his work The Great Transformation
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The term formalism describes an emphasis on form over content or meaning in the arts, literature, or philosophy.
Substantivism is a position, first proposed by Karl Polanyi in his work The Great Transformation, which argues that the term 'economics' has two meanings.
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