Practicing Success

Target Exam

CUET

Subject

Sociology

Chapter

Indian Society: Market as a social Institution

Question:
Which of the following is the most suitable option for secret of success behind some of business communities in Colonial india?
Options:
These communities exploited the chances that emerged the colonialism and used their wide network reputation and social capital for their growth.
They created their own markets and monetary system, which can only be used by the community members.
They were well educated in economics and economic principles' role in regulating the market.
These communities were traditionally affluent and it was easy for them to setup business and run it.
Correct Answer:
These communities exploited the chances that emerged the colonialism and used their wide network reputation and social capital for their growth.
Explanation:
The expansion of the market economy in India provided new opportunities to some merchant communities, which were able to improve their position by re-orienting themselves to changing economic circumstances. In some cases, new communities emerged to take advantage of the economic opportunities provided by colonialism, and continued to hold economic power even after Independence