Traditional economy

Traditional economy

Traditional economy is a catching-all term normally used to describe economic systems that pertain in societies with extensive subsistence agriculture. The term may also be used for any economy that falls outside of popular notions of market and command economies. The term tends to be used by industrialized societies to describe societies deemed "underdeveloped," and often appears alongside such controversial and disparaging terms as "primitive."[1] For this reason, and because the term is vague and unspecific, the term sees little use among scholars in the fields of economics or anthropology, predominating instead in popular discourse.

Attempts to give the term a more specific meaning present the "traditional economy" as an economy based on custom and tradition/command. The decisions are based on tradition of the community or family. An example of a traditional society would be that of the Inuit.

This type of economy ensures that every member of society has a purpose and as well, a participatory function in society. In other words, each person has a certain activity or job.

This brand of economics also provides less of a demand on the resources of the earth because goods are usually only produced if they will be consumed, hence, there is a lack of over consumption and surplus such as can be found in many other economic systems.



Wikimedia Foundation. 2010.

Игры ⚽ Поможем написать курсовую

Look at other dictionaries:

  • Economy of Vanuatu — Vanuatu s economy is primarily agricultural; 80% of the population is engaged in agricultural activities that range from subsistence farming to smallholder farming of coconuts and other cash crops. Copra is by far the most important cash crop… …   Wikipedia

  • Economy of North Korea — Economic centre of North Korea Currency North Korean won Fiscal year …   Wikipedia

  • Economy of Finland — Rank 51 Currency Euro (EUR) Fiscal year calendar year Trade organisations European Union World Trade Organization (WTO) …   Wikipedia

  • Economy of Oman — Rank 81st Currency Riyal Omani Fiscal year Calendar year …   Wikipedia

  • Economy of Belgium — View of Brussels financial district over the Botanical Garden Rank 30th (2008) …   Wikipedia

  • Economy of Malaysia — Fixed exchange rates 1 Ringgit = 100 sen Fiscal year Calendar year …   Wikipedia

  • Economy of Thailand — Rank 30th (nominal) / 23rd (PPP) Currency Thai baht (THB) …   Wikipedia

  • Economy of Morocco — 100 Moroccan dirham Rank 54th Currency Moroccan Dirham (MAD) …   Wikipedia

  • Economy of Germany — Downtown Frankfurt Rank 4th (nominal) / 5th (PPP) Currency …   Wikipedia

  • Economy of Chile — The Sanhattan district of Santiago Currency Chilean peso (CLP) Fiscal year …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”