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Pre-Industrial and Industrial Economic Systems - Complete Notes

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OPSC OAS Sociology Paper I, Unit 8: Economic System. 39-section notes on Pre-Industrial and Industrial Economic Systems - Complete Notes.

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    ← Unit 8: Economic System

    1. Economic System: A Social Institution

    Beyond Technical Arrangements to Social Relations

    DefinitionEconomic System: The organized set of institutions, norms, and practices through which a society produces, distributes, exchanges, and consumes goods and services - determines what is produced, how, for whom, and under what social rules

    Key Thinker: Karl Polanyi - "The economy is 'embedded' in society - economic activities are inseparable from social relationships"

    Sociological Perspective:

    AspectExplanation
    Economic SystemNOT merely technical - it is a SOCIAL INSTITUTION
    EmbeddednessEconomic activities inseparable from social relationships, culture, power
    Key QuestionsWho owns means of production? How is labour organised? What rules govern exchange?
    Read the full notes (39 sections) in the EduSaint Odisha app
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    In these notes
    1. Economic System: A Social Institution
    2. Features of Pre-Industrial Economic System
    3. Embeddedness: Economy Inseparable from Social Life
    4. Subsistence Production: Meeting Needs, Not Profit
    5. Agricultural Dominance: Land as Foundation
    6. Simple Technology: Traditional Knowledge and Muscle Power
    7. Limited Division of Labour: Hereditary and Ascribed
    8. Non-Market Exchange: Reciprocity and Redistribution
    9. Localized Economy: Self-Sufficient Village Units
    10. Land as Central Resource: Foundation of Wealth and Power
    11. Economic-Political Fusion: Power and Economy Intertwined
    12. Status-Based Stratification: Birth Determines Life Chances
    13. Moral Economy: Custom and Tradition Regulate Behaviour
    14. Key Thinkers - Pre-Industrial Economic System
    15. Case Study: Traditional Indian Village Economy
    16. Pre-Industrial vs Industrial Economic Systems
    17. Industrial Economic System: Historical Rupture
    18. Mechanization: Transforming Work and Society
    19. Factory System: New Social Relationships
    20. Extreme Division of Labour: Productivity and Alienation
    21. Wage Labour: Concealed Exploitation
    22. Rationalization: Formal Organisation and Iron Cage
    23. Mass Production: Standardisation and Mass Consumption
    24. Separation of Work and Home: Redefining Gender Roles
    25. New Social Classes: Bourgeoisie and Proletariat
    26. Commodification: Extending Market Logic Everywhere
    27. Periodic Crises: Inherent Instability of Capitalism
    28. Urbanisation: Spatial Concentration and Social Change
    29. State Intervention: Mediating Market and Society
    30. Capital Accumulation: Profit as End in Itself
    31. Social Problems: Structural Features, Not Accidental Failures
    32. Key Thinkers - Industrial Economic System
    33. Contemporary Relevance: Industrial Features in Modern India
    34. Q: Discuss the Features of Pre-Industrial Economic System with Suitable Examples
    35. Q: Discuss the Features of Industrial Economic System with Suitable Examples
    36. Quick Revision Summary
    37. How to Write Answers on Economic Systems
    38. Expected Questions for OPSC/UPSC
    39. Complete Summary

    Sourced from the Odisha Public Service Commission where applicable. opsc.gov.in. EduSaint is not affiliated with OPSC.