The Market as a Social Institution

The Market as a Social Institution

Question

Explain the organisation of indigenous trading networks of colonial India.

Answer

(i) It was an organisation of caste, kinship and family.

(ii)    Business activity was carried within that organisation.

(iii)    Traditional merchant communities have established banks basically these were joint family firms.

(iv)    These communities had expanded trading activities through marriage ties which were extended to abroad i.e. Southeast Asia and Ceylon.

(v)    These communities had strong hold in India or such trading activities represented a kind of indigenous capitalism.

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