Question

In the mid-twentieth century, economic historian Karl Polanyi posited that modern market economies are unique in their historical detachment of economic transactions from social relationships. Polanyi argued that prior to the Industrial Revolution, economic activity was deeply embedded within broader cultural customs, religious practices, and communal obligations. In these traditional societies, trade operated primarily through reciprocity and redistribution rather than competitive price mechanisms. However, contemporary sociologists contend that Polanyi overstated this historical disjunction. They assert that even within modern financial systems, social networks continue to shape trade practices. According to these critics, modern commercial exchanges remain embedded in social relationships, though they function through formal institutional channels rather than informal communal ties.

In the final sentence of the passage, to which of the following does the word "they" refer?