Match List - I with List - II.
| LIST-I | LIST-II | ||
| (A) | Wealth of Nation | (I) | Max Weber |
| (B) | Capitalism | (II) | Alfred Gell |
| (C) | Status symbol | (III) | Adam Smith |
| (D) | Hierarchical social groups | (IV) | Karl Marx |
Choose the correct answer from the options given below:
Answer & explanation
Correct answer: option 3
The correct answer is Option (3) → (A)-(III), (B)-(IV), (C)-(I), (D)-(II)
(A) Wealth of Nation — this matches (III) Adam Smith. Adam Smith, the most famous of the early political economists, tried to understand the emerging market economy in his book The Wealth of Nations.
(B) Capitalism — this matches (IV) Karl Marx. Karl Marx was a critic of modern capitalism, which he understood as a system of commodity production, or production for the market, through the use of wage labour.
(C) Status symbol — this matches (I) Max Weber. Weber pointed out that the goods people buy and use are closely related to their status in society, and he coined the term status symbol for this relationship.
(D) Hierarchical social groups — this matches (II) Alfred Gell. Alfred Gell, the anthropologist who studied the Dhorai market in Bastar, showed that the layout of the market symbolises the hierarchical inter-group social relations of the region: groups sit according to their place in the caste and social hierarchy.
Note: The paragraph on Alfred Gell’s reading of the Dhorai market, in the chapter ‘The Market as a Social Institution’, was there in the pre-rationalised NCERT, which NTA followed in 2023. This portion has been deleted from the NCERT book (2025-26), though the chapter is still there with Box 4.1, ‘An Adivasi Village Market in Bastar’, taken from Gell’s study.
NCERT (2025-26): “4.1 Sociological Perspectives on Markets … The most famous of the early political economists was Adam Smith, who in his book, The Wealth of Nations, attempted to understand the market economy that was just emerging at that time. Smith argued that the market economy is made up of a series of individual exchanges or transactions, which automatically create a functioning and ordered system. This happens even though none of the individuals involved in the millions of transactions had intended to create a system.…” “4.2 Understanding Capitalism as a Social System … One of the founders of modern sociology, Karl Marx, was also a critic of modern capitalism. Marx understood capitalism as a system of commodity production, or production for the market, through the use of wage labour.…” “…One of sociology’s founders, Max Weber, was among the first to point out that the goods that people buy and use are closely related to their status in society. He coined the term status symbol to describe this relationship.…” NCERT (Pre-rationalised): “…According to Alfred Gell (1982), the anthropologist who studied Dhorai, the market has significance much beyond its economic functions. For example, the layout of the market symbolises the hierarchical inter-group social relations in this region. Different social groups are located according to their position in the caste and social hierarchy as well as in the market system.…” |