The Market as a Social Institution

The Market as a Social Institution


Explain the meaning of commoditisation with the help of examples.


Commoditisation:It was the transformation of non-commodity (viz. things not bought and sold for money in the market).

Examples:(i) Labour or skills become things that can be bought and sold in the market for wage, fee in terms of money.

(ii)    Sale of kidneys by the poor to cater to rich patients who need kidney transplants.

(iii)    Marriage for fee are arranged by marriage bureau and through websites.

(iv)    There are courses conducted on charge hr teaching cultural and Social skills while in earlier times, these were taught in an automatic way and through interaction of children with their parents in family.

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