Amadeo 1         Traditional Economics

• A traditional economy is defined by three characteristics: 
• It's set on agrculture,fishing, hunting, gathering and also has a combination of the above.
• It is followed by traditions.

Amadeo 2 Traditional Economy

• Alot of traditional economies operate in forming market places, even the Third World countries.
• Traditional economies can have elements of capitalism, socialism, and communism, depending on how they are set up

Amadeo 2 Traditional Economy

• Nomadic societied are those whee the land is owned by the community.
• They're socialist if they distribute production according to the level of each individual's contibution.

Amadeo 2 Traditional Economy

• Everyone in the traditional economies know their role in production, and what they are likely to recieve.
• Traditional economies are very vulnerable to changes in nature, especially the weather.
• They are also more vulnerable to market or command economies that have superior resources to wage war or take away needed natural resources.

Amadeo 2 Traditional Economy

• Traditional economies prevailed in the U.S. before the immigration of europeans beginning in 1492.
• Native Americans economies that relied on hunting and fishing were more healthy that those that relies on farming and therefore massed in large, disease-prone communities.

Amadeo 2 Traditional Economy

• When traditional economies in the modern world interact with market or command economies, cash takes on a more inportant role.
• Traditional economies can have elements of capitalism,socialism, and communism, depending on how they are set up.

Amadeo 3 Traditional Economy

• The most succesful hunting-based economies were devasted by poaching and war from the new settlers.
• The market economy gave them weapons and a source of fundeing that the traditional economies couldnt compete with.

Amadeo 3 Traditional Economy

• The Unites States had many aspects of a traditional economy before the Great Depression.
• Over-farming of marginal lands occured in response to demand from Europe after WW1.

Amadeo 3 Traditional Economy

• Before the Civil War, the American South had somewhat of a traditional economy.
• It was based largely on farming, and was guided by a strong network of traditions and culture.

Amadeo 3 Traditional Economy

• Many indifenous tribe in the artic region, in North America and eastern russia, have maintained their traditional economy.
• They rely on fishing and hunting of carbou for their existence.