Characteristics of a traditional economy
1. an economy based on customs, rituals, and traditions
2. a less developed economy which uses non-industrialized tools and methods for harvesting and hunting
Strengths of the economy
1. everyone in the family has a role so nobody is left out
2. equal distribution of wealth
3. people gather as a community
4. possibility to get things done quickly
Weaknesses of the economy
1. lack of choice
2. discourages innovation
3. no competition and in the other economic systems, difficult to compete
4. lack of profit
5. lower standard of living
Great information about the traditional economy and where I got the example from:
http://www.w-train.com/econ/handouts/gp_8/pd8_traditional.htm
Traditional Economy:
https://www.youtube.com/watch?v=rG0_uMt0lKQ
What made traditional economies so radically different and so very fundamentally dangerous to Western economies were the traditional principles of prosperity of Creation versus scarcity of resources, of sharing and distribution versus accumulation and greed, of kinship usage rights versus individual exclusive ownership rights, and of sustainability versus growth. |
