Traditional Economic SystemThe traditional system is based on bartering, customs and traditions. As a result of the system being based on customs, whatever produced in the past will be produced again. There are only a few advantages of using this system. These advantages are that the roles of people are the same generation to generation, there is equality and it is sustainable over long periods of time as there is not much change. The disadvantages of this system are that it discourages progress and innovation. This system is not commonly found in today's world. Some of the few traditional economies left in our world today are the Inuit people of northern Canada, tribes in the Amazon jungle and some Aboriginal and Torres Strait islander communities. The Aboriginals and Torres Strait islander communities are a great example of this system as they base their society around customs, beliefs and traditions. |