We have completed the NCERT/CBSE Solutions chapter-wise for Class 12 Sociology Chapter 4 The Market as a Social Institution with Answers by expert subject teacher for latest syllabus and examination. Prepare effectively for the exam taking the help of the Class 12 Sociology NCERT Solutions PDF free of cost from here. Students also can take a free NCERT Solutions of The Market as a Social Institution. Each question has right answer Solved by Expert Teacher. Download the Sociology NCERT Solutions with Answers for Class 12 Sociology Pdf and prepare to help students understand the concept very well.
NCERT Solutions for Class 12 Sociology Chapter wise
Q1. What is meant by the phrase ‘invisible hand’?
Answer: According to Adam Smith, every person looks for his own self-interest and in pursuit of this in-turn works for the self-interest of all . In this sense, there seems to be an unseen force at work that converts what is good for each individual into what is good for the society. This unseen force was called the ‘invisible hand’
Q2. How does a sociological perspective on markets differ from an economic one?
Answer: Adam Smith and other thinkers developed the ideas of modem economics. It is based on the idea that the economy can be studied as a separate part of society that operates according to its own laws, leaving out the larger social or political context in which market functions.
On the other hand, sociologists have tried to develop an alternative way of studying economic institutions and processes within the larger social frameworks. In this way, ; sociologists consider markets as social institution which are made in culturally specific ways. Sociologists maintain that economies are socially ‘embedded’.
Q3. In what ways is a market-such as a weekly village market-a social institution?
Answer: In rural and even urban India, the weekly hat is a common sight. In hilly and forested areas (where adivasis five), where people live far away from each other, communication and roads are poor and the economy is underdeveloped, the weekly market is the major institution for the exchange of goods as well as for social interaction.
Local people come to these markets to sell their forest produce or agricultural things to traders, who take them to the towns for resale and they buy essential things like salt, agricultural implements and items of consumption like bangles and jewellery. But for a number of visitors, the main reason to come to the weekly market is social i.e. to meet kins, to arrange marriages, exchange gossips etc. In this way weekly village markets are social institutions.
Q4. How do caste and kin networks contribute to the success of a business?
Answer: In the precolonial period onwards, India had an extensive trading connection, not only within the country but also outside. These trading connections were made by merchant groups who did extensive internal and external trades and mostly they were organised as a community based on their same caste or kinship and they did business on the basis of trust, loyalty and understanding that prevailed within their community.
An interesting illustration of the use of traditional joint family structure and kinship and caste networks to build their business can be seen in banking and trading activities of Chettiars of Tamil Nadu. They controlled trade and banking all over south-east Asia and Ceylon (new Sri Lanka) in the 19th century and operate as joint family business. This is typical patriarchal structure of joint family but they used trust, unity and goodwill of kinship to build their connection. This gives its idea that Indians had their indigenous version of capitalism, when they ran business for profit, which was centres around caste and kinship.
Q5. In what ways did the Indian economy change after the coming of colonialism?
Answer: The advent of colonialism in India produced major upheavals in the economy, causing disruptions in production, trade and agriculture. Cheap manufactured textiles from England completely destroyed the handloom industry and made the weavers jobless. In the colonial era, India began to be more fully linked to the world capitalist economy. Before being colonised by the British, India was a major supplier of manufactured goods to the world market. After colonialism, India became a source of raw materials and agriculture products and a consumer of manufactured goods, both largely for the benefit of industrialising England.
But rather than completely overturning the existing economic institutions, the expansion of the market economy in India provided new opportunities to some merchant communities, which were able to improve their position by re-orienting themselves to changing economic circumstances.
In some cases, new communities emerged to take advantage of the economic . opportunities provided by colonialism.
A good example of this process is provided by Marwaris, probably the most widespread and best—known business community in India.
Q6. Explain the meaning of ‘commoditisation’ with the help of examples.
Answer: Commoditisation occurs when things that were earlier not traded in the market become commodities. For example, skills or labour, now, can be bought and sold. Karl Marx and other critics of capitalism were of the view that the process of commodification has negative impact on society. For example, there is some controversy about the sale of kidney by the poor to the rich who wants to transplant his kidney.
Some people say that human organs should not be treated as commodities. During earlier times, humans themselves were bought and sold in the form of slaves but today, it is considered as inhuman or immoral because humans cannot be treated as commodities. Today, this is a universal idea that the labour of person can be bought or skills could be provided for the sake of money. Karl Marx was of the view that this type of situation is found only in capitalist societies. .
Q7. What is ‘status symbol’?
Answer: Max Weber, coined the term ‘Status symbol’ to describe the relationship between the goods that people buy and use with their status in society.
For example, among the middle class in India today, the brand of cell phone or the model of car that one owns are important markers of socio-economic status.
Q8. What are some of the processes included under the label ‘globalisation’?
Answer: In the era of globalisation the world is becoming increasingly interconnected. Their interconnections are not only economic but also cultural and political.
The process of globalisation involves a number of trends, especially the increase in international movement of commodities money, information, people and development in technology.
The main feature of globalisation is the increasing extension and integrations of markets around the globe. It means that changes in a market in one part of the globe may have a profound impact somewhere else far away.
For example—India’s booming software industry may face a slump if the U.S. economy does badly as happened after the 9/11 attacks on the World Trade Centre in New York leading to a loss of business and jobs there.
Q9. What is meant by ‘liberalisation’?
Answer: The term ‘liberalisation includes a number of policies like selling (privatisation) public sector enterprises to private companies; relaxation in government regulations on capital, labour and trade; reducing tariffs and import duties, to import foreign goods more easily and allowing easier access for foreign companies so that they could set up industries in India.
Q10. In your opinion, will the long term benefits of liberalisation exceed its costs? Give reasons for your answers.
Answer: The changes that have been made under the liberalisation programme have stimulated economic growth and opened up Indian markets to foreign companies. Increasing foreign investment is supposed to help economic growth and employment. The privatisation of public companies is supposed to increase their efficiency and reduce the governments burden of running these companies. However, the impact of liberalisation has been mixed. Many people argue that liberalisation have had or will have, a negative net impact on India. As I think, the costs and disadvantages will be more than the advantages and benefits, so as some sectors of Indian industry like software and information technology or agriculture like fish or fruit may benefit from access to a global market, but other sectors like automobiles, electronics or oil seeds will lose because they cannot compete with foreign products and producers.
We Think the given NCERT Solutions for class 12 Sociology book Chapter 4 The Market as a Social Institution with Answers Pdf free download will assist you. If you’ve got any queries regarding CBSE Class 12 Sociology The Market as a Social Institution NCERT Solutions with Answers, drop a comment below and that we will come back to you soons.