Samantha Liu,
Christina Chea
Aislinn Curry, Jessica Newman
Danny Lin, Theresa
Langschultz
Sean Cleary, Matt Ritter
Jeannie Wong, Alex Khusid
Max ( I don’t know his last name)
Pd. 8
The Traditional Economy
What is a traditional economy?
As with all
economies, people who follow a traditional economy follow the answers to four
basic questions: What should we produce?
How much of this should we produce?
How should we produce this? Who
should get the product? In a traditional
economy, people use the resources they have available to them to produce what
they’ve always produced, what their parents have always produced, and their
parents before them using traditional methods and customs such as farming,
hunting and gathering, etc. Homes are
built as they were in the past, whether it be using mud, wood, or even animal
skin. All clothing is hand sewed,
weaved, or knitted, and the fabric is handmade from scratch. They produce only as much as they need for
themselves, or to make some kind of profit by trading, selling, or the barter
system. Economic responsibilities of
men, women, children, and the elderly vary from culture to culture.
Who uses a traditional economy?
Although
traditional economies existed primarily through the Feudal Ages, many
indigenous people and poorer parts of the world still exercise a traditional
economy today. For example, many poor
parts of Southern Mexico, South America, and Africa still grown their own food,
build their own shelters, and hunt and gather.
A classic example
of the traditional economy is the Inuit Indians of Northern Canada.
Resources: seal, caribou, snow
Main food
source: flesh from the
seal, caribou, and other animals
Shelter: snow to make igloos, intestines of seals
for the door of an igloo or a tent, animal skins for summer tents
Clothing: sinew for thread, animal skins for
clothing and footwear, intestines of seal for plastic rainwear
Economic
decisions: based on
religious and traditional beliefs.
Elders of clans had the most power
Other resources
include fat from seals to use as oil for lamps, bones and teeth of animals for
tools, weapons, and toys, and animal skill for kayaks.
The Inuit people
depended on each other to survive. The
men of the clan hunted and produced tools.
The women and children prepared the food, and made or repaired
clothing. Skills and knowledge were
passed down through the family.
Resources and land were owned by an entire clan rather than individual
people.
Why traditional economies don’t exist
today.
We now have better
knowledge of the rest of the world. This
lead to better and easier methods of producing what we need. After the Industrial Revolution, most of the
world abandoned old and traditional ways of farming, food gathering, and
clothing production for newer, faster, and mechanized systems that produced a
hundred times more in the same, or even less time. With the Industrial Revolution came extra
time not spent on producing necessities of life. This time went to inventing other things to
produce, and better ways to produce, which lead to the gathering of wealth and
the beginnings of the Market Economy.