Question

discuss the type of exchange given by karl polyani in 250 words
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Answer 1

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Karl Polanyi an economic historian has identified three different modes of exchange- Reciprocity (barter), redistribution (ceremonial) and market exchange. In the absence of money as a store and measurement of value and medium of exchange, economic transactions were always on exchange. Barter is a direct form of exchange. Silent trade is another type of exchange. In some societies goods are placed for exchange without the individual concerned being personally present.

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Answer 2

Types of exchange:

Reciprocity- It is the ancient mode of exchange policy which deals with the exchange of products between those people who are bound in non- market and non- hierarchical relationships to one another. This type of exchange doesn’t establish any kind of relationship. It is also called as non-market exchange of the products where products are exchanged in the absence of any permanent record. Products or goods can be exchange without expecting an immediate return and without mentioning the exact value of the return for the particular goods. Everyone just assumed that exchange will balance overtime. Here no penalties are given on the products. It is an impure form of exchange of goods.

Redistribution- In this system products are exchanged towards the centralized social organization. We can take an example of Canada revenue agency which is a institution of redistribution. Here central controls the power by giving the land and recruits the labor. Products of land moves into as taxes, rent, penalty, gifts or due where as products of land moves out as retributions for services.

Market exchange- It is new mode of exchange invented in capitalistic society. In these products is exchanged at particular prices which are determined by the law of supply and demand. All the products are bought and sold at the market prices. It is a pure form of economical exchange. It is mostly found in non western society but western society joined all three mode of exchange.