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| {{Short description|Economic system based on custom and tradition}} | |||
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| {{More citations needed|date=August 2018}}{{notability|date=January 2024}} | |||
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| A '''traditional economy''' is a loosely defined term sometimes used for older economic systems in economics and anthropology. It may imply that an economy is not deeply connected to wider regional trade networks; that many or most members engage in ], possibly being a ]; that ] is used to a greater frequency than in developed economies; that there is little governmental oversight of the economy, that at least some taxes might be in the form of goods or ] rather than money; or some combination of the above. Aspects of traditional economies often carry forward into the "modern" economies they become, though; it is not uncommon for a traditional economy that heavily centers the role of tribes and families in distributing wealth to continue keeping a large role for them even after connections to outside trade are formed, at least if the original elite manage to keep their status rather than being displaced by an invasion or revolution or the like.<ref>{{Cite journal|last=Alexander|first=David|date=1976|title=Newfoundland's Traditional Economy and Development to 1934|journal=Acadiensis|volume=5|issue=2|pages=56–78|jstor=30302530}}</ref><ref>{{Cite journal|last=Rosser|first=Marina V.|last2=Barkley Rosser|first2=J.|last3=Kramer|first3=Kirby L.|title=The new traditional economy|journal=International Journal of Social Economics|language=en|volume=26|issue=6|pages=763–778|doi=10.1108/03068299910227318|issn=0306-8293|year=1999}}</ref> | |||
| A '''traditional economy''' is an ] in which ] are ] by ], and which has a strong ] and is based on ] methods and ]. It is strongly connected to ], as well as ] and ]. Members of a traditional economy often make their own ] and tools. If they produce more ] than they need, they trade the ] for ] made by others. | |||
| ⚫ | == See also == | ||
| Most countries that have historically had a traditional economy have replaced it with a ], ], or ]. However, it is still found today in ], agricultural parts of ], ], and ]. | |||
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== References == | ||
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| {{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 ]. | |||
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| ⚫ | ==See also== | ||
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| == External links == | |||
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Latest revision as of 13:25, 25 October 2024
Economic system based on custom and tradition | 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 (August 2018) (Learn how and when to remove this message) |
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A traditional economy is a loosely defined term sometimes used for older economic systems in economics and anthropology. It may imply that an economy is not deeply connected to wider regional trade networks; that many or most members engage in subsistence agriculture, possibly being a subsistence economy; that barter is used to a greater frequency than in developed economies; that there is little governmental oversight of the economy, that at least some taxes might be in the form of goods or corvée labor rather than money; or some combination of the above. Aspects of traditional economies often carry forward into the "modern" economies they become, though; it is not uncommon for a traditional economy that heavily centers the role of tribes and families in distributing wealth to continue keeping a large role for them even after connections to outside trade are formed, at least if the original elite manage to keep their status rather than being displaced by an invasion or revolution or the like.
See also
References
- Alexander, David (1976). "Newfoundland's Traditional Economy and Development to 1934". Acadiensis. 5 (2): 56–78. JSTOR 30302530.
- Rosser, Marina V.; Barkley Rosser, J.; Kramer, Kirby L. (1999). "The new traditional economy". International Journal of Social Economics. 26 (6): 763–778. doi:10.1108/03068299910227318. ISSN 0306-8293.
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