The Market as a Social Institution

The Market as a Social Institution

Question

What is commodification or commoditisation? Explain.

Answer

When the common things that fall in category of etiquette, general liability of every individual to the society are incorporated into the things of trade, this process is called commodification or commoditisation Eg. bottled water. Sociologists oppose this trend and tell that this process has negative social effects. Commodifiation has made blind the society to such an extent that even kidneys, livers etc. internal organs of humanbodies are being sold, however, in clandestine ways for which murders of children and adolescents as per media reports; are committed. Commodification is increasing due to severe conditions of poverty and rapid progress in the field of medical sciences. Modern society being based on capitalism, allows and accepts the idea that a person's labour can be bought or that other services or skills can be provided in exchange for money. Marriages in earlier arranged by families but now there are professional marriage bureaus and websites that help people for a fee to find brides and grooms.

In a way, we can state that Indian society has adapted too much change than before since the inception of globalisation in 1990s. India's society therefore, can be stated a capitalist society in which human values are gradually meeting to commodification or in other words, it is commoditisation under capitalistic assumption of Indian society.

More Chapters from The Market as a Social Institution