- Traditional economy
Part of a series on Economic systems Ideological systems Anarchist · Capitalist
Communist · Corporatist
Fascist · Georgist
Islamic · Laissez-faire
Market socialist · (Neo-) Mercantilist
Protectionist · Socialist
Systems Closed (Autarky) · Digital
Dual · Gift · Informal
Market · Mixed · Natural
Open · Planned · Robinson Crusoe economy · Subsistence
Underground · Virtual
Sectors Marketization · Expropriation
Other types of economies Anglo-Saxon · Feudal
Global · Hunter-gatherer
Newly industrialized country
Palace · Plantation
Post-capitalist · Post-industrial
Social market · Socialist market
Token · Traditional
Transition · Barter
State capitalist · State-directed · State monopoly capitalist
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." 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.
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