Efficiency of traditional economy: past and present

Abstract

The article substantiates the thesis about the effectiveness of the traditional economy not only in the past but also in the present. Examples of the development of traditional economies in India, China and Russia are given. The author highlights the following advantages of the traditional economy: regularity of the labour process, lack of profit maximization, low level of competition, natural exchange, trusting relationships, lack of stress, etc. It is suggested that the traditional economy will retain its relevance in the information society, which is associated with new solutions to the problem of free time.

Keywords

• traditional economy
• traditionalism
• buddhist economics
• liberal market economy
• labour intensity
• competition
• free time