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The Market as a Social Institution
Question
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How did the advent of colonialism in India produce a major upheaval in the economy?

Answer

  1. The advent of colonialism in India produced major upheavals in the economy, causing disruptions in production, trade, and agriculture. Eg. Cheap manufactured textiles from England Completely destroyed the handloom industry and made the weavers jobless.
  2. Before being colonised by the British, India was a major supplier of manufactured goods to the world market, but after colonialism, India became a source of raw materials and agriculture and a consumer of manufactured goods.
  3. But with the colonialism, the expansion of the market economy in India provided new opportunities to some merchant communities, which were able to improve their position by re-orienting themselves to changing economic circumstances.
  4. In some cases, new communities emerged to take advantage of the economic opportunities provided by colonialism. 'Marwaris' is the best example of this process.

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Some More Questions From The Market as a Social Institution Chapter

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?

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Discuss the positive and the negative impacts of globalisation.

Discuss the emergence of new market during colonial India.

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What is commodification or commoditisation? Explain.

Discuss the rise of middle class in the phase of globalisation in India with reference to causes of rise and growth including positive and negative prospects of Indian society framework.

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