| Part of a series on |
| Economic systems |
| Economic ideologies |
| Anarchist · Capitalist Communist · Corporatist Fascist · Georgist Islamic · Laissez-faire Market socialist · (Neo-) Mercantilist Protectionist · Socialist Syndicalist · Third Way |
| Sectors and systems |
| Closed (Autarky) · Digital Dual · Gift · Informal Market · Mixed · Natural Open · Participatory Planned · Subsistence Underground · Virtual |
| Other types of economies |
| Anglo-Saxon · Feudal Global · Hunter-gatherer Information Newly industrialized country Palace · Plantation Post-capitalist · Post-industrial Social market · Socialist market Token · Traditional Transition |
| Business and economics portal |
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. It was the most common economic system used during prehistoric times, and was used mostly by un-civilized tribes around the Ancient world.
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.
See also
 |
This economics or finance-related article is a stub. You can help Wikipedia by expanding it. |
External links
Wikipedia content modification information:
- This page was last modified on 9 December 2008, at 03:41.
Wikipedia Authorship and Review
Wikipedia content provided here is not reviewed directly by PediaView.com. Wikipedia content is authored by an open community of volunteers and is not produced by or in any way affiliated with PediaView.com.
Wikipedia Usage Guidelines
This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article on "Traditional economy".
The URL for this specific entry is:
All Wikipedia text is available under the terms of the GNU Free Documentation License. (See Copyrights for details). Wikipedia® is a registered trademark of the Wikimedia Foundation, Inc.