Estimate the impact of joint family system towards the business environment.
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Answer:
Under this system, all members of the family would live together and enjoy the income of the family. Here the father, mother, sons, daughters, sons-in-law, daughters-in-law, grandchildren, Uncles, Aunts and other close relatives live as one big family. The land and properties are commonly owned and they work together to fulfil their wants. Generally, there is a kind of social security for the weak and poor. It provides insurance against unemployment.
1. The head of the family is given maximum power and authority.
2. The land and property belong to the family as a whole. The head of the family considered as a trustee of the property.
3. Income sources are pooled together.
4. All members earn as per their capacity but spend as per the needs of the family.
5. Same gods and goddesses are worshipped.
6. Joint family has common sufferings and rejoicing.
7. Family as a whole owns the entire means, production and consumption.
8. There is security against unemployment, sickness, old age etc.
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