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The Transition between the Old and New Traditional Economies in India

  • J Barkley Rosser


    (Economics, MSC 0204, James Madison University, Harrisonburg, VA 22807, USA.)

  • Marina V Rosser


    (Economics, MSC 0204, James Madison University, Harrisonburg, VA 22807, USA.)

We extend Karl Polanyi's traditional economy concept to modern economies with advanced technology that are embedded in a traditional socio-cultural framework. This is the New Traditional economy, seen in parts of the Islamic world and with the Hindu nationalist movement in India. However, rural India is also the largest repository of the Old Traditional economy with its Hindu caste and jajmani system of reciprocal labour relations. The changes in India's complexly mixed economy, with its increasing market and strong planned elements, constitute a transition from the Old to the New Traditional economy. We shall consider this transition both ideologically and systemically. Comparative Economic Studies (2005) 47, 561–578. doi:10.1057/palgrave.ces.8100059

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Article provided by Palgrave Macmillan in its journal Comparative Economic Studies.

Volume (Year): 47 (2005)
Issue (Month): 3 (September)
Pages: 561-578

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Handle: RePEc:pal:compes:v:47:y:2005:i:3:p:561-578
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