World Library  
Flag as Inappropriate
Email this Article

Traditional economy

Article Id: WHEBN0000640638
Reproduction Date:

Title: Traditional economy  
Author: World Heritage Encyclopedia
Language: English
Subject: Economy of Afghanistan, Subsistence economy, Outline of economics, Colebrooke–Cameron Commission, Economic sector
Collection: Economic Systems
Publisher: World Heritage Encyclopedia

Traditional economy

A traditional economy is an original economic system in which traditions, customs, and beliefs shape the goods and the products the society creates. Countries that use this type of economic system are often rural and farm-based. Also known as a subsistence economy, a traditional economy is defined by bartering and trading. Little surplus is produced, and if any excess goods are made, they are typically given to a ruling authority or landowner. A pure traditional economy has had no changes in how it operates (there are few of these today). Examples of traditional economies include those of the Inuit or those of the tea plantations in South India.[1] Traditional economies are popularly conceived of as "primitive" or "undeveloped" economic systems, having tools or techniques seen as outdated.[2] As with the notion of contemporary primitiveness and with modernity itself, the view that traditional economies are backwards is not shared by scholars in economics and anthropology.

Traditional economies may be based on custom and tradition or command,[3] with economic decisions based on customs or beliefs of the community, family, clan, or tribe.[4]

See also


  1. ^ , August 1986 (vol. 2 no. 2, pp. 199–229.Studies in HistoryGeorge K. Tharian and P. K. Michael Tharakan, "Penetration of Capital into a Traditional Economy: the Case of Tea Plantations in Kerala, 3880–3950". doi:10.1177/025764308600200204
  2. ^ Definition of term Archived from the original 2012-04-10.
  3. ^ , vol. 5, No. 2 (Spring 1976), pp. 56–78.Acadiensis: Journal of the History of the Atlantic RegionDavid Alexander, "Newfoundland's Traditional Economy and Development to 2003".
  4. ^ , "The new traditional economy: A new perspective for comparative economics?" MCB UP Ltdet al.Marina V. Rosser doi:10.1108/03068299910227318


This article was sourced from Creative Commons Attribution-ShareAlike License; additional terms may apply. World Heritage Encyclopedia content is assembled from numerous content providers, Open Access Publishing, and in compliance with The Fair Access to Science and Technology Research Act (FASTR), Wikimedia Foundation, Inc., Public Library of Science, The Encyclopedia of Life, Open Book Publishers (OBP), PubMed, U.S. National Library of Medicine, National Center for Biotechnology Information, U.S. National Library of Medicine, National Institutes of Health (NIH), U.S. Department of Health & Human Services, and, which sources content from all federal, state, local, tribal, and territorial government publication portals (.gov, .mil, .edu). Funding for and content contributors is made possible from the U.S. Congress, E-Government Act of 2002.
Crowd sourced content that is contributed to World Heritage Encyclopedia is peer reviewed and edited by our editorial staff to ensure quality scholarly research articles.
By using this site, you agree to the Terms of Use and Privacy Policy. World Heritage Encyclopedia™ is a registered trademark of the World Public Library Association, a non-profit organization.

Copyright © World Library Foundation. All rights reserved. eBooks from Project Gutenberg are sponsored by the World Library Foundation,
a 501c(4) Member's Support Non-Profit Organization, and is NOT affiliated with any governmental agency or department.