Traditional Economy by Alexander Noriega

Traditional Economy, What is It?

Pictured Above Man In the Dawn

Here we have Homo Habilis, he was the first hominid to craft tools; truly the kind of man Roosevalt can respect. He also invented the traditional economy. Unlike his ancestor Australopithecus Africanis, production of goods and means of production where factors of survival. Certain tools, the ancient man's capital, allowed more food. He understood the basis of economy, investment. He did not do it for profit, produced no more than he and his family could eat, unless trade was immediate. Food for a rock, rock for a some food, was understood by Habilis closest relative Homo Ergaster. These two early men invented economics, and the early traditional economy

Pictured Below Man in the Midday

Despite the increasing advantages in tool making by Homo Erectus, the advances in society by Homo Neanderthals, or the Cro-Magnums superior intelligence none of them made a true advances in economics. Only a rough 10,000 years ago, Homo Sapiens revolution the economy with a world shattering now idea, animal domestication. Now the plurality of goods needed to perform traditional economics came to be. Property, in the form of beasts rather than land, meant growth, accumulation of wealth, and in extreme cases division of labor. Substance was the goal, but wealth was a product. People commerce with one another for goods needed they themselves could not produced. As such the way we may think of a modern economy had been made.

How it All Came to Stop

As the Agricultural Revolution came, there came distinction between workers and owners. Those who control the means of production ceased having to provide their own labor. They conducted business not to feed themselves, but to acquire wealth for a myriad of reasons, one being esteem. In the First City Ur, Kings and Priests still have a traditional economy. Then the first merchants came. Production of goods for the sole purpose of trade is the true end to traditional economy. The Western World is shaped by the heritage of the Phoenicians and Romans. Though the feudalism that marked the early Middle Ages was closer to a traditional economy, the reemergence of the merchant class came with a new method of loans and banking.

Advantages of the Traditional Economy

Highly Sustainable (grazing if heavily nomad)

Requires No Major Infrastructure to Function

Requires Little to No Government Oversight

Heavily Decentralized

Hugely Responsive to the Needs of Individuals

Disadvantages of the Traditional Economy


No or Limited Specialization of Labor

Cannot Support A Creative Class

Entrepreneurship is Almost Unheard of

A Deficient of a Certain Good is Harder to Overcome

Almost No Excess of Goods/ Long-term Planning


Examples of a Traditional Economy

Inuit, Yupik and Ainu Who Practice Traditional Hunting

All Most Early Man Prior to the Merchant Revolution

Orangutans That Mimic Humans in Captivity

Few North African Peoples Who Still Practice Nomad

Bibliography

Chamberlien, A. T. "Homo Habilis." Archealogyinfo.com. N.p., 2011. Web. 22 Jan. 2015.

"Orangutans in Captivity." Orangutan Facts and Information. N.p., n.d. Web. 22 Jan. 2015.

John Day, Money and finance in the age of merchant capitalism, 1999

Comment Stream

2 years ago
0

Alex, you've had one of the best websites that I've yet to see. However, you failed to mention the most important of the traditional systems, Inuit+, so you get nothing. 0/10

2 years ago
0

This was the best presentation so far. It offered an incredibly detailed account describing the development of a traditional economy. In addition, it offered the advantages and disadvantages of the economy. It also offered examples, which were very helpful.

2 years ago
0

This is a pretty great website and the information was really great. The pictures worked with the text. Good job.

2 years ago
0

I like the way you organized the history of the traditional system and how it effected the modern world. The pictures are also good.

2 years ago
0
2 years ago
0

I enjoyed how in the start of your blog, you started off with the beginning of man which is a great way to talk about traditional economics. Good job.