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What is the central importance of the institution of marriage in society?

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There is no importance in marriage.
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Is marriage important in todays society?

As I see it Not anymore... More and more people are choosing a partnership and not marriage. Sometimes it has to be because of the cash settlement of a divorce, people nowaday

Why is it that religion is one of the most important institution in the society?

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Institutional society is a phrase created by Peter Drucker. It means our modern society, which started since Industrial Revolution, is constituted by infinite numbers of secon