Granovetter's coined the term in his classical study (1985).



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Note added at 4 hrs (2019-09-23 10:37:56 GMT)
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At the other extreme is "embeddness", the belief that actions between individuals is so predicated on social relations that evaluating behavior based on independent economic actors is grossly misleading.
Embeddedness theory, instead, acknowledges that ongoing networks of social relations between people discourage malfeasance. People guide their choices based on past interactions with people and continue to deal with those they trust. In social networks the presence and evolution of trust can both hinder and foster malfeasance, which demonstrates that social networks alone are not a deterrant.
http://faculty.babson.edu/krollag/org_site/org_theory/Scott_...