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traditional economy

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traditional economy

Economy based on subsistence agriculture where small family groups or tribes produce nearly all of what they need themselves. There is therefore very little trade, and barter rather than money is used for any trade that does take place. In a traditional economy, people are generally averse to risk, preferring to keep to traditional modes of production and avoiding change.



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Later chapters are devoted to language and ethno-linguistics; traditional economy and dwelling; family and gender stereotypes; life cycle rites; food and dress; handicrafts and decorative-applied arts; religion, the calendar, and festivals; folk arts and epics; and folk consciousness and national identity.
INTRODUCTION Rosser and Rosser (1996, 1998, 1999) introduce the concept of the New Traditional Economy to the discussion and analysis of economic systems.
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