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Economy directed to basic subsistence From Wikipedia, the free encyclopedia
A subsistence economy is an economy directed to basic subsistence, the provision of food, clothing, shelter rather than to the market.
"Subsistence" is understood as supporting oneself and family at a minimum level. Basic subsistence is the provision of food, clothing, shelter. A subsistence economy is an economy directed to one's subsistence rather than to the market.[1] Often, the subsistence economy is moneyless and relies on natural resources to provide for basic needs through hunting, gathering, and agriculture. In a subsistence economy, economic surplus is minimal and only used to trade for basic goods, and there is no industrialization.[2][3] In hunting and gathering societies, resources are often, if not typically underused.[4]
The subsistence system is maintained through sharing, feasting, ritual observance and associated norms.[5] Harvesting is an important indicator of social capital.[6] Subsistence embodies cultural perspectives of relationships to places, people and animals.[7]
In human history, before the first cities, all humans lived in a subsistence economy.[citation needed] As urbanization, civilization, and division of labor spread, various societies moved to other economic systems at various times.[citation needed] Some remain relatively unchanged, ranging from uncontacted peoples, to marginalized areas of developing countries, to some cultures that choose to retain a traditional economy.[citation needed]
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