Perspectives in Economic Sociology: Formalism, Substantivism, Market Forms, Globalization, Development and the Human Economy

The article titled “Perspectives in Economic Sociology: Formalism, Substantivism, Market Forms, Globalization, Development and the Human Economy” is a comprehensive scholarly contribution that explores the deep interconnections between economy, society, and political structures. Authored by Ganesh Shrirang Nale and Bharat Bhauso Raut, the paper brings together classical sociological theory and contemporary global developments to analyse how economic processes are embedded within broader social institutions. Ganesh Shrirang Nale is affiliated with the Department of Sociology, Central University of Haryana, Mahendergarh, Haryana, India, an institution known for its rigorous research environment and interdisciplinary approach to the social sciences. His disciplinary grounding lies in Economic Sociology, Development Studies, Political Economy, and Social Inequality. Working within a central university that emphasizes theoretical clarity and empirical relevance, he contributes a nuanced understanding of how markets, institutions, caste, gender, and state policy interact in shaping economic outcomes. Bharat Bhauso Raut, co-author, is a Research Scholar at Annasaheb Magar College, Savitribai Phule Pune University, Pune, Maharashtra, specializing in Sociology and Development Studies. His research interest in social structures, labour transformations, and globalization complements the theoretical perspectives presented in the article. Together, the authors integrate insights from anthropology, sociology, and economics to provide a rich interdisciplinary narrative. The paper’s disciplinary focus emphasises economic sociology, examining both classical debates such as formalism and substantivism, and contemporary concerns like globalization, labour flexibilisation, the service sector, and the human economy. It explains how various forms of exchange—market exchange, reciprocity, redistribution, and householding—operate not as isolated economic processes but as socially and culturally embedded practices. The authors also highlight the Indian context, discussing caste networks, informal markets, corporate governance, gender disparities, and structural inequalities. Overall, the article exemplifies cross-disciplinary scholarship, combining theoretical depth with empirical relevance. Through the collaboration of authors from two respected academic institutions, the work contributes significantly to ongoing debates on development, inequality, and economic transformation.