LIVE Course for free

Rated by 1 million+ students
Get app now
0 votes
in The Market as a Social Institution by (32.5k points)
closed by

How was the social structure of the markets?

1 Answer

+1 vote
by (32.9k points)
selected by
Best answer

ln India there were many traditional trade communities like the Nagarathars. There is a close relation between Jati system and economic system. This relation can be seen in things like ownership of land and differences in professions. For example, the big land (estate) owners during the colonial times were people belonging to the Upper Classes. It was Jati that determined the profession for each Caste. The relations between Jati and economy are also found in trade and market. 

The main profession of Vaisyas, one of the 4 Vamas, is trade! It shows that even in ancient India trade and traders had a high status in society.

There are many Vaisya communities here which have taken up trade as their traditional profession. The Banias of North India are good examples. But trade and business were not the monopoly of Vaisyas. In the traditional trade communities of India, there were. Parsis, Sindhis, Bohras, Jains and also members of other communities. In the trade communities, there were also people who did not have a high status in the society. For example, during the colonial period, it was the Banjaras who controlled the export trade of salt. Banjaras are Low Caste Tribals.

Welcome to Sarthaks eConnect: A unique platform where students can interact with teachers/experts/students to get solutions to their queries. Students (upto class 10+2) preparing for All Government Exams, CBSE Board Exam, ICSE Board Exam, State Board Exam, JEE (Mains+Advance) and NEET can ask questions from any subject and get quick answers by subject teachers/ experts/mentors/students.