What is the Relation Between Economy and Society?
By BYJU'S Exam Prep
Updated on: November 9th, 2023
The Economy and Society are related as they are interconnected and dependent on one another. Society as a whole expands automatically as the economy grows. The economy expands along with other important fields like health and education. Thus, the development and maintenance of society depend on the presence of an economy.
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Relation Between Economy and Society
No society can endure without an economy that is effective enough to, at the very least, provide the basic requirements of its citizens.
- Every economy exists primarily to meet the growing wants of the populace as conditions shift.
- Therefore, society is a component of the economy, and society provides the context in which the economy functions.
- Because of this interdependence, every culture has its own unique economy, which reflects both the needs and cultural traits of the society as well as the primary characteristics of the civilization in which it exists.
- The social, cultural, political, religious, and intellectual sides of human existence are connected to the economic one through the concepts of economy and society.
- It carefully considers the impact of politics and culture on the health of the economy.
- Instead of providing a traditional analysis of the capitalist system, this version explores the relationship between the economy and society.
- We look at the Marxist theory of the evolution of human civilizations’ thesis, antithesis, and synthesis.
Summary:
What is the Relation between Economy and Society?
The Economy and Society are linked and reliant on one another. The economy increases together with other essential sectors like health and education, and society expands as a result of growth in the economy.
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