CUET Preparation Today
Which of the following is a basic characteristic of traditional trading networks? |
They only dealt in cash payments. Traditional banks were basically nuclear family firms. Trading and banking activities were organised through caste and kinship relations. The economic activities of these groups represented a kind of 'European capitalism'. |
Trading and banking activities were organised through caste and kinship relations. |
The correct answer is Option (3) → Trading and banking activities were organised through caste and kinship relations. This reflects how traditional trading networks relied heavily on social structures and relationships, such as caste and family ties, to facilitate trade and financial transactions. Because businessmen are more likely to trust others of their own community or kin group, they tend to do business within such networks rather than with others outside – and this tends to create a caste monopoly within certain areas of business. |
