NCERT Solutions for Class 12 Sociology (Indian Society) Chapter 4 The Market as a Social Institution

NCERT
SOLUTIONS
CLASS - 12th

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Book Name : Indian Society Ncert Solutions | Chapter-4 Sociology

Class : 12th
Subject : Sociology
Chapter : 4
Chapter Name : The Market as a Social Institution

Q1 What is meant by the phrase 'invisible hand' ?

Answer. The phrase 'invisible hand' defines the invisible force in the working or business setup ,
which aims at changing the individual benefit to the community benefit. It aims at the
intersection between individuality and social responsibility in terms of solidarity and mutual
cooperation.

Q2 How does a sociological perspective on markets differ from an economic one ?

Answer. The economic perspective regarding the definition of 'market', was primarily based
upon the theory of economic reductionism. It completely defines the market as a business or
profit oriented institution.The sociological perspective lies upon the principles of social change
and effects brought by the institution of 'market'.They locate the notion of solidarity and
cooperation brought by the respective institution in the realm of society. It also locates the
division of occupations and the power dynamic structure present within the institution of 'market'.
It defines it as a reflection of societal discriminations and accomodations.

Q3 In what ways is a market - such as a weekly village market- a social institution ?

Answer. A market such as a weekly village market , is to be considered as a social institution
because :
(a) The interaction and the association between the different communities leads to the mutual
exchange of ideas and problems.
(b) The market is based upon the stratifications like caste etc, as it reflects the notion of
discriminative patterns present in the society.
(c) The power dynamic structure or the system of hierarchy is also present in the market ,
probably a reflection of the society.
(d) The notion of solidarity shown by the people portrays market as the institution of cooperation
,just like a societal subject.

Q4 How do caste and kin networks contribute to the success of a business ?

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Book Name : Indian Society Ncert Solutions | Chapter-4 Sociology

Answer. Caste and kin networks contribute to the success of a business as :
(a) The individuals belonging to the same caste are able to establish the business-oriented
connections. These connections help in the 'expansion' of the business.
(b) The organic solidarity helps in the expansion and establishment of the business. The
constant solidarity helps in the 'growth' of the business.
(c) The traditional society, empowered the caste based mobility of occupation and it helped in
the formation of business networks.
(d) The kin and caste networks help the mobilisation of the community also to work or protest
together against a respective policy.

Q5 In what ways did the Indian economy change after the coming of colonialism ?

Answer. Indian economy changed after the coming of colonialism as :
(a) The agricultural sector became reductant and the productive capacities decayed.
(b) The introduction of technology, affected the local arts and handloom industry was in
shambles.
(c) The commercialisation of agriculture.
(d) The exploitation of peasantry and the huge numbers of workers were left exploited.
(e) The economy plummeted , due to the transference of money to Britain , which resulted in
'economic drain' of the country.

Q6 Explain the meaning of 'commoditization' with the help of examples.

Answer. The sale of the non-market provisions in the business oriented organisations is known
as 'commoditization'. The use of the manufactured capitalism to market the things not meant for
the sale is one of the major negative impacts of capitalism.
For example, this commoditization leads to the sale of ideas, human capital and even the moral
subjects. The social movements pertaining to racism, feminism, classism etc are often also seen
from the prism of 'commoditization'. The sale of ideas on the e-market levels and even the
commoditization of feminism by introducing the commodities pertaining to it.

Q7 What is a 'status symbol' ?

Answer. This term was coined by Max Weber. The term stands for the change in the
consumption levels of the societal factions on the basis of their economic position. The
consumption levels change from one faction to another and denotes the economic change and

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Book Name : Indian Society Ncert Solutions | Chapter-4 Sociology

the overall growth of the groups.

Q8 What are some of the processes included under the label 'globalisation'?

Answer. The integration of the country's economy with the world's economy is known as
globalisation.The process of globalisation includes large number of processes. The
development of technological sector and the growth of engineering capacities is one of the
major processes of globalisation. The political and economic avenues of globalisation are based
upon the processes of trade, governmentality, commerce etc. The processes like cultural
homogenization and cultural heterogenization are also the processes labeled under
'globalisation'.

Q9 What is meant by 'liberalisation'?

Answer. The process of liberalising of the economy of the respective country is known as
liberalisation. This process includes the decrease or complete annihilation of the state's
interference into the domains of economy. The process stands for the inclination of the
economy within the ambit of private sector without the limitations or derivations by the state.
Simply, it stands for free-market economy.

Q10 In your opinion, will the long term benefits of liberalisation exceed its costs ? Give reasons
for your answer.

Answer. Yes, the long term benefits of liberalisation will exceed its costs because :
(a) It will result in the inclination of the agencies towards the private sector, while the public
sector will be completely negated.
(b) It will result in the concentration of power and the limitation of the policies for the welfare
and betterment of people.
(c) The levels of exploitation will increase on the levels of economic value and the 'disguised
unemployment' will surface its way.
(d) The domestic markets will face a neo- shock therapy , due to the effect of foreign company
giants in the respective areas.
(e) The economic and occupational exploitation will be faced by the farmers and peasants
respectively.

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