TRADITIONAL ECONOMY

TRADITIONAL ECONOMY

• (subsistence system) is based off of customs, traditions, and beliefs which shape the way goods and products are made and sold.
• Found in relatively smaller communities

HOW ARE FOOD AND SERVICES PRODUCED?

• Supplies food through farming, hunting, and gathering.
• Defined by bartering and trading
• Work defined along gender lines (boys take on occupations of their fathers and girls take on those of their mothers)
• Everyone works to provide for the whole community

WHO CONSUMES GOODS AND SERVICES?

• Usually households and manufactures

PROS OF TRADITIONAL SYSTEM

• Focuses on the family unit
• Closely involved with communities
• Each citizen plays a specific role that will benefit them
• Security in the order of living due to the tight-knit communities

CONS OF TRADITIONAL SYSTEM

• Limited room for change or growth
• Tends to have a lower standard of living
• Lacks modern technology and machinery that help make life easier

MALI

• Among the top 25 poorest countries in the world and relies on foreign aid for protection and survival
• Mainly an agricultural country that produces goods based on its culture (everyone in the family plays a specific role in providing for themselves and the community)

Untitled Slide

• Depends on gold mining, imports from other countries, and agricultural exports for revenue
• 10% nomadic
• 80% laborers

IMPORTS/EXPORTS

• Imports: petroleum, machinery equipment, textiles, gasoline and food
• Exports: gold and cotton
• Their trading partners are China, France, Senegal, and Thailand

CONSUMERS

• Families
• Farmers

LONG TERM THREATS TO THEIR SYSTEM

• Corruption (political/religious leaders not taking proper care of Mali citizens)
• Population growth (growing families but not enough food and resources to provide all of them)
• Weak infrastructure (vulnerable to invasions)
• Low levels of human capital

THE END