The Market as a Social Institution

The Market as a Social Institution

Question

How can you state that markets are nothing else but a kind of social organisation?

Answer

We can establish this fact on the following grounds:    

(i) As per Varna system during Vedic era, Vaisyas were the communities assigned both business and trading activities.

(ii) Besides Vaisyas, there were other caste groups entered into trade. They tend to acquire Vaisya status in the process of upward mobility.

(iii) The Parsis, Sindhis, Bohr as and Jains are other groups with distinct religious or other community identities but entered into trade.

(v) It is evident that during the colonial period long distance trade in salt was conducted by Banjaras, a marginalised tribal group.

(vi) Particular nature of community institutions and ethos give rise to a different organisation and practice of business.

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