The Market as a Social Institution

The Market as a Social Institution

Question

In what ways did the Indian economy change after the coming of colonialism?

Answer

Changes in Indian economy after colonisation.

(i)    It created disruptions in production, trade and agriculture Eg. Demise of handloom industry.

(ii)    Indian economy began to link to the capitalist economy of the world.

(iii)    India was left mere source of raw materials, and agricultural products and merely consumer of imported machine made goods.

(iv)    Some merchant communities could improve their position by accommodating changed circumstances. These were Marwari communities who took advantage of cities like Calcutta, spread their trade and money-lending business throughout the country.

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