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4. The Market as a Social Institution

Markets are understood not just as economic institutions but also as social constructs deeply entwined with cultural and societal dynamics. The chapter explores how markets operate within the framework of social institutions, the varying impact of colonialism on Indian markets, and the consequences of globalization and liberalization on both local and global scales.

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Sections

  • 4

    The Market As A Social Institution

    This section discusses the concept of markets as social institutions and their relationship with economic activities within Indian society.

    Learning Practice

  • 4.1

    Sociological Perspectives On Markets And The Economy

    This section discusses how markets function not only as economic institutions but also as social institutions influenced by cultural and social contexts.

    Learning Practice

  • 4.1.1

    A Weekly Tribal Market In Dhorai Village, Bastar, Chhattisgarh

    The section discusses the significance of weekly tribal markets in rural India, highlighting their social and economic roles.

    Learning Practice

  • 4.1.2

    Caste-Based Markets And Trading Networks In Pre-Colonial And Colonial India

    This section explores how caste-based structures influenced markets and trading networks in India before and during British colonial rule.

    Learning Practice

  • 4.1.3

    Caste-Based Trade Among The Nakarattars Of Tamil Nadu

    This section explores the relationship between caste and trade among the Nakarattars in Tamil Nadu, highlighting how their community practices and social networks shape their economic activities.

    Learning Practice

  • 4.1.4

    Traditional Business Communities

    This section explores traditional business communities in India, examining how caste and kinship influence economic practices and the historical context of these communities.

    Learning Practice

  • 4.2

    Understanding Capitalism As A Social System

    This section analyzes capitalism as both an economic and social system, highlighting the relationship between markets and societal structures, particularly through Karl Marx's perspectives on capitalism.

    Learning Practice

  • 4.2.1

    Commoditisation And Consumption

    The section discusses how commoditisation transforms goods and processes into marketable commodities in the context of capitalism, emphasizing the implications for consumption and societal norms.

    Learning Practice

  • 4.3

    Debate On Liberalisation: Market Versus State

    This section explores the debate between the roles of market forces and state intervention in India's economy post-liberalisation, highlighting their interconnectedness and contrasting perspectives on economic growth.

    Learning Practice

  • 4.3.1

    Globalisation: Interlinking Of Local, Regional, National And International Markets

    This section discusses how globalisation interconnects various markets, affecting local economies and cultural exchanges.

    Learning Practice

References

NCERT Study Material

Class Notes

Memorization

What we have learnt

  • Markets are both economic a...
  • Colonialism significantly t...
  • Globalization and liberaliz...

Final Test

Revision Tests

Chapter FAQs