what is traditional economy
A traditional economy is an economic system where decisions are  based on customs, beliefs, or religion within a social community.  People work together to produce goods to … meet their needs, and  share with family. They trade with their community/family with  their excess.
DEFINITION of 'Political Economy'. The study and use of how economic theory and methods influences political ideology. Political economy is the interplay between economics, law and politics, and how institutions develop in different social and economic systems, such as capitalism, socialism and communism.Political economy analyzes how public policy is created and implemented.olitical economy is the interplay between economics, law and politics, and how institutions develop in different social and economic systems, such as capitalism, socialism and communism.