1. How is capitalism a social system pushed in the alley of commodification ?

Ans :

         When the labour itself becomes a commodity and sold for wage by labourer it brings in the capitalism . Exchange of labour for wage gives rise to two basic classes i.e. capitalist and worker. The former owns the means of production ( i.e. factories, capital, land etc ) and the latter sells his labour to the former ( i.e. capitalist ) . The former class thus, pays less than what value produced by the latter and thus, illigally benefited . In the changed state of equal distribution of income and wealth as per stake of labour, capital, enterprise and skill besides other inputs, society is never divided in the classes ( i.e. capitalist and that of the proletariat ) . Karl Marx, the staunch critic of capitalism also accepts this position as one of the social system necessary for the growth of the national economy . He writes - " All economic systems are also social systems and each mode of production consists of particular relations of production which in turn give rise to a specific class structure" . He emphasised upon economy formed of relations between people who are connected to one another tthrough the process of production and it should not be consisting of commodities ( i.e. goods circulating in the market ). Thus, he was against commodification and assumed it the main factor engendering capitalism and division of society in two classes .

     Conclusion : On the basis of above points, it can be stated that capitalism is also a social system but presently in its deteriorating mode as capital shifted to the hands of a few individuals while majority of people pass their life in pains inspite of their fair share of labour  in the process of production . As it is social injustice, class - conflicts, strikes and other subversive activities come into play in long terms .

2. What is commodification or commoditisation ? Explain .

Ans :

         When the common things that fall in category of etiquette, general liability of every individual to the society are incorporated into the things of trade, this process is called commodification or commoditisation Eg. bottled water . Sociologists oppose this trend and tell that this process has negative social effects . Commodifiation has made blind the society to such an extent that even kidneys, livers etc. internal organs of humanbodies are being sold, however, in clandestine ways for which murders of children and adolescents as per media reports, are committed , Commodification is increasing due to severe conditions of poverty and rapid progress in the field of medical sciences . Modern society being based on capitalism, allows and accepts the idea that a person's labour can be bought or that other services or skills can be provided in exchange for money . Marriages in earlier arranged by families but now there are professional marriage bureaus and websites that help people for a fee to find brides and grooms .

         In a way, we can state that Indian society has adapted too much change that before since the inception of globalisation in 1990s . India's society therefore, can be stated a capitalist society in which human values are gradually meeting to commodification or in other words, it is commoditisation under capitalistic assumption of Indian society .

3. What is meant by the phrase "invisible hand" ?

Ans :

         It refers to some sort of an unseen force at work that converts what is good for each individual into what is good for society . Interest of society is looked after automatically when individual interest is looked after maintaining judiciously . E.g. Sanitation in and around one's own home, protects ipso - facto the whole colony from mosquito - bite and malaria .

4. In what ways is a market - such as a weekly market a social institution :

Ans :

          Weekly market as a social institution .

        (i) These bring together people from surrounding villages and also attract traders from outside the local area .

        (ii) These link local tribal economy to that of outside and establish economic relationships between tribal people and others .

       (iii) The layout of the market symbolises the hierarchical inter - group social relations .

       (iv) Market system in weekly haats or markets acts as social hierarchy . Eg. The wealthy and high ranking Rajput jewellers and middle - ranking local Hindu traders sit in the central zones while the tribal sellers of vegetable and local wares sit in the outer circles . Refer to adivasi village market in Bastar ( Chattisgarh ) .

5. How many caste and kin networks contribute to the success of a business ?

Ans :

         Contribution of caste and kin to success of a business .

        (i) Castes had their own systems of banking and credit E.g - Hundi ( credit note instrument ) allows merchants to engage in long - distance trade .

        (ii) A merchant in one part of the country was allowed to issue a Hundi that would be honoured by merchant in another place because of caste and kinship networks .

       (iv) Banks were basically joint family firms and structure of business firm was the same as that of the family .

       (v) Prior to colonial period, there was Jajmani system or non - market exchange system in vogue . It was also based on caste and kin - ties .

       (vi) The structures of caste, kinship and family were oriented towards commercial activity and business was carried out within these social structures .

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

Ans :

          Changes in Indian economy after colonisation .

        (i) It created disruptions in production, trade and agriculture Eg. Demise of handloom industry .

        (ii) Indian economy began to link to the capitalist economy of the world .

       (iii) India was left mere source of raw meterials, and agricultural products and merely consumer of imported machine made goods .

      (iv) Some merchant communities could improve their position by accomadating changed circumstances . These were Marwari communities who took advantage of cities like Calcutta, spread their trade and money - lending business throughout the country .

7. Explain the meaning of commoditisation with the help of examples :

Ans :

         Commoditisation : It was the transformation of non - commodity ( viz. things not bought and sold for money in the market ).

        Examples : (i) Labour or skills become things that can be bought and sold in the market for wage, fee in terms of money .

                          (ii) Sale of kidneys by the poor to cater to rich patients who need kidney transplants .

                         (iii) Marriage for fee are arranged by marriage bureau and through websites .

                         (iv) There are courses conducted on charge for teaching cultural and Social skills while in earlier times, these were taught in an automatic way and through interaction of children with their parents in family .

8. What is a status symbol ?

Ans :

         This term was coined by Max Weber, one of the founders of sociology . It exhibits the difference in consumption trends in society based on their earnings and economic status . In contemporary India, the brands of cell phone or the model of car - owned by middle class are important markers of their socio - economic status .

9. What are some of the processes included under the label globalisation ?

Ans :

          These processes are Business Process Outsourcing (BPO) industries Eg. call centres, software services industries, virtual markets E-male services etc. These all processes are increasing extension and integration of markets around the world. Business processes in NASDAQ, Bombay stock exchange, Delhi Stock Exchange etc. also fall in globalisation phenomena . Under globalisation, flow of commodities, money, information and people as also development of computers, telecommunications and transports are the trends which have integrated the world markets .

10. What is meant by liberalisation ?

Ans :

        Liberalisation is a policy that comprises privatisation of public sector enterprises ( viz selling government - owned companies to private companies ), loosening of government regulations on capital, labour and trade, reduction in tariff and import duties so that foreign goods can be improted more easily . This includes allowing easier access for foreign companies to set - up industries in India . In briefs, this change can be stated as marketisation or laissez - faire ( alone or let it be or free market ) the term coined by Adam Smith, the father of economics . It is use of market - based processes, free from government control or policies to extract solution of problems in society, politics and economy . These processes advocate complete deregulations .