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A Traditional Economy

the individuals working in a particular system are able, through the use of this economic model, to provide for their own needs on a daily basis. These needs can be in the form of food, basic necessities, and luxury items.

A traditional economy involves workers who report to a job site (office or otherwise) each day and perform tasks which contribute to the strengthening of their individual company. In turn, the company pays the workers a living wage.

Because of the 2008 economic downturn and changing employment patterns, both businesses and their employees are finding that the traditional economic model is no longer able to keep businesses competitive in a global market. Traditional economic trajectories, where customers come to businesses based on needs they want fulfilled locally, are no longer as valid as they were several years ago. Now, employers and their employees must cultivate a more mobile approach to their business in order to stay competitive.

Looking back over economic situations over the last hundred years, one could surmise that the traditional economy which has helped build strong manufacturing bases in first-world nations like the United States and the United Kingdom moved to less developed countries, where there are now more workers willing to work for lower wages than their counterparts in the west. With the departure of these traditional manufacturing jobs, many areas of both the United States and the United Kingdom have found their local economies depleted and their options for providing traditional positions to their citizens much narrower.

As individuals who have grown up in a traditional economic system are confronted with the adaptive realities required by newer models, they are forced to reconcile work and economic choices in their lives.