Question

Write in brief on 'market and equality'.

Answer 1

Hint:It refers to the exchange of goods and services. It proves that whether a seller or a buyer the importance of the person depends on his financial strength.Inequality and exploitation is witnessed here.

Complete answer:
Market indicates a place where goods and services are traded for money. Thus, by nature, markets always cater to those needs which are backed-up with the purchasing power.
In this way, the market processes as per the price signals. That means, if demand is high, then price is high and the market will deliver these goods. However, in this way, the market ignores the equality of society.
It caters to the need for only those who have the purchasing power. Many of the poor people will be totally restrained of the several goods, sometimes even the fundamental goods, as they won't be able to pay for them.
There is no parity in the market because all do not earn the same gain in the market. For example, foreign business persons earn more profit whereas garment exporters make reasonable profits. Some people like small weavers, farmers, vegetable vendors earn very less profit.
Thus, based on this explanation, we can say that the market favours people having purchasing capacity, while avoiding the welfare aspects of the poor people. In this way, the market exaggerates equality.

Note:There is a huge difference between the shopkeepers at the weekly markets and the malls. The former receives a very small amount as compared to the later. This shows the inequality in the markets. Inequality and exploitation is seen in the whole chain of market, where the regional producer is also withheld of his share. The government often initiates various strategies to assure parity among all the citizens by assisting the farmers and disadvantaged community. For example; Pradhan Mantri Vaya Vandana Yojana , Pradhan Mantri Mudra Yojana.