The Market as a Social Institution

The Market as a Social Institution

Question

What are the opinions of historians Bayly (1983) and Stein and Subrahmanyam (1966) upon non-market exchange existed in Indian rural areas even during the pre-colonial period?

Answer

They opined there were existed several non-market exchange systems like Jajmani system but simultaneously, these were incorporated into wider networks of exchange through which agricultural products and other goods circulated.

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