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The Market as a Social Institution
How do the sociologists interpret the phrase 'the invisible hand' coined by Adam Smith, the fountain-head of contemporary economic thought?
Sociologists interpret that phrase in the sense of being buyers and sellers part of society with an appropriate hierarchy and system; series of individual exchanges or trasactions automatically create a functioning and ordered system. Each person looks only to his own self interest but in the pursuance of this self-interest, society interests appear to be looked after in an automatic way.
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In what ways is a market-such as a weekly market a social institution.
How many caste and kin networks contribute to the success of a business?
In what ways did the Indian economy change after the coming of colonialism?
Explain the meaning of commoditisation with the help of examples.
What is a status symbol?
What are some of the processes included under the label globalisation?
What is meant by liberalisation?
In your opinion will the long term benefits of liberalisation exceed its costs? Give reasons for your answer.
How can you state that markets are nothing else but a kind of social organisation?
What is kinship? Discuss the functions of kinship in Indian society.
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