Traditional economy
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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 indigenous technology and methods. Although this type of economy has been converted to mixed, command, or market technologies in many societies that were once traditionally driven; over 400 million people across the globe still practice this methodology, as researched by the World Bank.
In this brand of economy, the closeness of the societal structure generally insures that every member of society has a purpose and as well, a participatory function in society. 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.
In the 21st century, we are also entering the vista of a new traditional economy. This method is used to incorporate newer technologies within an indigenous framework. In addition, religion also plays a large part in the induction of a new traditional economy. These systems can be found to be widely used in Islamic countries, as well to a lesser extent in some Asian societies.(Rosser&Kramer, 1999) There is also a wide range of this economy in the country Chesapeake.
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[edit] External links
Rosser, J. Barkley & Kramer, Kirby L. (1999) The new traditional economy: A new perspective for comparative economics?. International Journal of Social Economics, 26(6), 763-778.
