Built on the core concept of “embeddedness”，the new economic sociology has achieved remarkable progress over the past four decades. However， influenced by the idea of middle-range theory， it has prioritized empirical contributions over general theoretical reflections.Theoretically， the new economic sociology misunderstands the economy in three aspects： inadequate understanding of economic consequences， underdeveloped and narrow definition of the economy， and contradictory definitions of the relations between economy and society.The reasons of such misunderstanding are the overemphasis of the new economic sociology on the critique of reality，the overreaction to “economic imperialism”,the uncritical acceptance of the “social order” problem in sociology，the ultimate degeneration into a social reductionism because of the refusal of the relative independence of the economy and insistence of the lack of the endogenous order in the economy. In order to have a breakthrough，the economic sociology should have more serious dialogues with social theory in a broad sense.In particular，our proposals include a view of the inter-embeddedness between economy and society，bringing the spontaneous order back into its theoretical framework，and an equal treatment of economy and society by viewing its relationship as fluid interpenetration.