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It is generally thought that all other economies got their starts as traditional economies.
Likewise, it is generally expected that a traditional economy will evolve into either
amarket, command or mixed economy.
At its most basic level, a traditional economy exists in a hunter/gatherer and nomadic
society. These groups live in families or tribes, and cover wide areas to find enough food
to support them. They follow the herds of animals that sustain them. They may also
move to follow the seasons, whether it's winter/summer or wet/dry season.
At the next level, hunter/gatherers find a fertile area they can cultivate, and become
farmers. They can support more people using fewer resources. This allows them to erect
permanent structures, and trade with other groups instead of
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Since traditional economies center around a family or tribe, it is easy to use traditions
gained from the experience of the elders to guide day-to-day life. Economic decisions are
based on these traditions.
Nomadic hunter/gatherers usually compete with other groups for scarce natural
resources. There is little need for trade, since they all consume and produce pretty much
the same things. There may be trade between groups that don't compete, such as
between one that relies on hunting comes across a group that relies on fishing, for
example. In these cases, metal coins wold be heavy to carry and not really needed.
However, once they started farming and settled down, the groups created some form of
money to make trade over long distances easier.
When traditional economies in the modern world interact with market or command
economies, cash takes on a more important role. Cash enables those in the traditional
economy to purchase better equipment to make their farming, hunting or fishing more
profitable.
Since traditional economies rely on custom and tradition, the distribution of resources is
usually well-known. Everyone knows their role in production, and what they are likely to
receive. Traditional economies are usually less destructive to the environment, and are
therefore sustainable.
Traditional Economy Disadvantages
Traditional economies are very vulnerable to changes in nature, especially the weather.
For this reason, traditional economies limit population growth. When the harvest or
hunting is poor, people starve. They are also more vulnerable to market or command
economies that have superior resources to wage war or take away needed natural
resources. For example, Russian oil development in Siberia has damaged streams and
the tundra, reducing traditional fishing and reindeer herding.
http://useconomy.about.com/od/US-Economy-Theory/a/Traditional-Economy.htm