Lapsanky-Werner et al. 347 Free Trade in the

     Industrial Revolution

• Traditional Revolution was more of a hunting and gathering type of economy.
• It was used during the American Revolution & tied into the Civil War.

Lapsanky-Werner et al. 347 Free Trade in the

     Industrial Revolution

• During the end of the American Revolution War, the people were left to salvage.
• They had to hunt and gather for food, especially the Native Americans.
• Native Americans mostly relied on the hunting to get by.

Lapsanky-Werner et al. 347 Free Trade in the

     Industrial Revolution

• Right before the Civil War, the South was somewhat a traditional
• Because after the devastation that occurred they were in need of culture & resources.

Lapsanky-Werner et al. 347 Free Trade in the

     Industrial Revolution

• They were divided into a North and South to develop their strategies.
• When General Sherman was in charge, the resources were scarece.

Lapsanky-Werner et al. 347 Free Trade in the

     Industrial Revolution

• The development of an economy based on the use of slave labor to produce staple crops through a plantation system in the South and a more diverse economy in the North based on free labor set the stage for the development of two economies within one country. 

Lapsanky-Werner et al. 347 Free Trade in the

     Industrial Revolution

• People in a traditional economy have, hence, primitive human occupations like animal grazing, gathering, hunting and cultivation form the basis of this economy.

Lapsanky-Werner et al. 347 Free Trade in the

     Industrial Revolution

•  This is the only economic theory, which has evolved historically in certain countries.
• Back in history this economy generally makes use of prehistoric instruments and techniques.

Lapsanky-Werner et al. 347 Free Trade in the

     Industrial Revolution

• Individuals may be expected to combine their efforts and share equally in the proceeds of their labor.(individuals, known as farmers)

Lapsanky-Werner et al. 347 Free Trade in the

     Industrial Revolution

• Standards of living are static; individuals don’t enjoy much financial or occupational mobility. But economic behaviors and relationships are predictable. 

Lapsanky-Werner et al. 347 Free Trade in the

     Industrial Revolution

• The traditional economy permits people to enjoy more independence against minimum or no financial expenses.
• This economy is mainly about family and their beliefs.