The substantivist approach in economics differs from the formalist view by:

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The substantivist approach in economics asserts that the ways of allocating goods and services in small-scale societies differ fundamentally from those of large-scale Western economic systems. This approach contrasts with the formalist view, which assumes that formal mathematical theories and models of economics can be applied to every economy in the world. The substantivist approach also argues that economics is not solely guided by the logic of money and market exchange but can be determined by social and cultural factors. Therefore, the best choice is C, maintaining that the ways of allocating goods and services in small-scale societies differ fundamentally from those of large-scale Western economic systems.

The Substantivist Approach in Economics Differs from the Formalist View