The Market as a Social Institution

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1. Physical places where buying/selling occurs (railway station market, fruit market) 2. Gathering of buyers and sellers (weekly vegetable market) 3. Area of trade/business (car market, readymade clot…

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Economists study markets as separate economic entities operating according to their own laws, leaving out social/political context. Sociologists view markets as social institutions that are: - Cultura…

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Adam Smith (1723-90) was a famous early political economist who wrote 'The Wealth of Nations'. He argued that: - Market economy consists of individual exchanges/transactions - These automatically crea…

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A weekly tribal haat is a periodic market in rural/tribal areas that serves both economic and social functions: Economic: Exchange of agricultural/forest produce for manufactured goods, salt, implemen…

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Colonial transformation included: - Building roads and 'pacifying' local people - Influx of traders, moneylenders from plains - Forest produce sold to outsiders - Introduction of money and new goods -…

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Participants: Local tribals and non-tribals (Hindus), outside Hindu traders, Forest officials Goods exchanged: Manufactured goods (jewelry, pots), non-local foods (salt, turmeric), local agricultural …

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Contrary to earlier assumptions of unchanging village communities: - Much of India's economy was already extensively monetised - Sophisticated trading networks existed - Villages were incorporated int…

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Hundi was a bill of exchange (like a credit note) used by traditional trading communities: - Allowed merchants to engage in long-distance trade - Worked within caste and kinship networks - A merchant …