Definitions for traditional economy
tra·di·tion·al econ·o·my

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1. Traditional economy

   A traditional economic system is based on customs, history and time-honored beliefs. A traditional economy is an economic system in which traditions, customs, and beliefs help shape the goods and services the economy produces, as well as the rule and manner of their distribution. 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. A 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 these traditional economies include those of the Inuit or those of the tea plantations in South India. Traditional economies are popularly conceived of as "primitive" or "undeveloped" economic systems, having tools or techniques seen as outdated. As with the notion of contemporary primitiveness and with modernity itself, the view that traditional economies are backward is not shared by scholars in economics and anthropology.Two current examples of a traditional or custom based economy are Bhutan and Haiti (Haiti is not a traditional economy according to CIA Factbook ). Traditional economies may be based on custom and tradition, with economic decisions based on customs or beliefs of the community, family, clan, or tribe.

Freebase(4.20 / 5 votes)Rate this definition:

1. Traditional economy

   A traditional economy is any historical subsistence economy or one that otherwise falls outside the definitions of market or planned economies. A PURE traditional economy has NO changes in how it is done. Examples of traditional economies include those of the Inuit or those of the tea plantations in south India. Traditional economies are popularly conceived of as "primitive" or "undeveloped" economic systems, having tools or techniques seen as outdated. 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, with economic decisions based on customs or beliefs of the community, family, clan, or tribe.

How to pronounce traditional economy?

1. Alex

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   David

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   Mark

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   Daniel

   British

   Libby

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   Mia

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   Karen

   Australian

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   Australian

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   Neerja

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   Oliver

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   Wendy

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   Tessa

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How to say traditional economy in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of traditional economy in Chaldean Numerology is: 2

2. Pythagorean Numerology

   The numerical value of traditional economy in Pythagorean Numerology is: 6