What is the relation between economy and society?

By Ritesh|Updated : September 3rd, 2022

The economy and society are related as they are intertwined and mutually dependent. When the economy expands, society as a whole also expands automatically. Along with the economy, other vital sectors such as health and education also broaden.

Relation Between Economy and Society

  • The development and maintenance of society depend on the presence of an economy.
  • 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 operates solely to satisfy peoples' expanding demands as circumstances change.
  • So the economy is a part of society, and society is the setting in which the economy operates.
  • Every society has its economy as a result of this relationship, and each economy reflects the requirements and cultural characteristics of the society as well as the main features of the civilization in which it lives.
  • Economy and Society connect the social, cultural, political, religious, and intellectual facets of our existence to the economic one.
  • It thoroughly examines how politics and culture affect how well the economy runs.
  • This version investigates the connection between economy and society rather than offering a conventional study of the capitalist system.
  • The thesis, antithesis, and synthesis of the Marxist theory of the development of human civilizations are examined.

Summary:

What is the relation between economy and society?

They are dependent on one another and are connected. Society expands as the economy grows, and the economy grows together with other necessary fields like health and education.

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