Macroeconomic, Jackson&Mclver: Many of the less developed countries of the world have traditional or customary economies. Production methods, exchange and the distribution of income are all sanctioned by custom. Heredity and caste circumscribe the economic roles of individuals, and socioeconomic immobility is pronounced. Technological change and innovation may be closely constrained because they clash with tradition and threaten the social fabric. Economic activity is often secondary to religious and cultural values and societys desire to perpetuate the status quo.
Posted on: Fri, 12 Sep 2014 21:28:50 +0000