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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 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 as well as during 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.
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- This page was last modified on 13 October 2008, at 00:25.
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