Traditional market economy and its anti-cyclical potential in the assessments of researchers of the 19th and 20th centuries

Orlyansky E. A.
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Orlyansky E. A.: Omsk Humanitarian Academy, Omsk, Russian Federation

Russian Journal of Social Sciences and Humanities, 2021, vol. 15, issue 2, 238-248

Abstract: The article deals with the first stage of the market economic system - the traditional market economy. The traditional market economy is considered in the assessment of its main researchers. The main goal of the study is to identify the main characteristics and features of the traditional economy, which would explain the absence of pronounced cyclical elements in it. It is assumed that several essential elements of such an economy carry the strongest countercyclical potential. The article uses the methodology of comparative analysis, which will help to find common ground among the most famous researchers of the traditional market economy. The study of the traditional market economic system was carried out in the context of overcoming the stereotype of the closed development of economic processes and the impossibility of influencing them by non-economic factors. This is confirmed by the fact that most of the countercyclical elements of the traditional market economy are derived from the spiritual and ethical sphere. At the same time, an integral part of the article is the position that this economic system retains all the characteristic features of a market economy. The traditional market economy practically did not experience cyclical tendencies in its development. This was due to the fact that this economic system contained built-in elements that ensured the absence in the traditional economy of both cyclicality itself and periodic cyclical crises.

Keywords: economy; market economy; traditional market economy; economic system; cyclicality; “idea of food”; labor; spirituality; ethics (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:aws:omskjl:v:15:y:2021:i:2:p:238-248

DOI: 10.17238/issn1998-5320.2021.15.2.29

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