| Revision as of 18:43, 19 September 2008 editIridescent (talk | contribs)Administrators402,671 editsm Reverted edits by 209.232.145.1 to last version by Iridescent (HG)← Previous edit | Revision as of 18:44, 19 September 2008 edit undo209.232.145.1 (talk) →DisadvantagesNext edit → | ||
| Line 8: | Line 8: | ||
| {{POV-section|date=April 2008}} | {{POV-section|date=April 2008}} | ||
| A traditional economy does not allow for much ] depending on the economic needs of the country. Development as changes are very slow and little ] this though again depends on the economic standing of the country. Some countries do very well with a Traditional Economy. A traditional economy does not take advantage of ] sometimes and there is relatively little promotion of ]ual and ] development again usually. A traditional economy provides few ] for ]s, thus limiting choices for ] and lowering ]. | A traditional economy does not allow for much ] depending on the economic needs of the country. Development as changes are very slow and little ] this though again depends on the economic standing of the country. Some countries do very well with a Traditional Economy. A traditional economy does not take advantage of ] sometimes and there is relatively little promotion of ]ual and ] development again usually. A traditional economy provides few ] for ]s, thus limiting choices for ] and lowering ]. | ||
| <br> | |||
| I WANT SAMMY BACK! | |||
| ==See also== | ==See also== | ||
Revision as of 18:44, 19 September 2008
 | This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. Find sources: "Traditional economy" – news · newspapers · books · scholar · JSTOR (April 2008) (Learn how and when to remove this message) |
| Part of a series on |
| Economic systems |
|---|
| Major types |
| By ideology |
| By coordination |
By regional model
|
| Sectors |
| Property types |
| Transition |
| Coordination |
| Other types |
A traditional economy is an economic system in which resources are allocated by inheritance, and which has a strong social network and is based on primitive methods and tools. It is strongly connected to subsistence farming, as well as herding cattle and hunting and gathering. Members of a traditional economy often make their own clothing and tools. If they produce more food than they need, they trade the surplus for goods made by others.
Most countries that have historically had a traditional economy have replaced it with a command economy, market economy, or mixed economy. However, it is still found today in underdeveloped, agricultural parts of South America, Asia, and Africa.
Disadvantages
 | The neutrality of this section is disputed. Relevant discussion may be found on the talk page. Please do not remove this message until conditions to do so are met. (April 2008) (Learn how and when to remove this message) |
A traditional economy does not allow for much economic growth depending on the economic needs of the country. Development as changes are very slow and little social mobility this though again depends on the economic standing of the country. Some countries do very well with a Traditional Economy. A traditional economy does not take advantage of technology sometimes and there is relatively little promotion of intellectual and scientific development again usually. A traditional economy provides few incentives for entrepreneurs, thus limiting choices for consumers and lowering standards of living.
I WANT SAMMY BACK!