Answer:
Traditional economy is the oldest economic system on Earth. In it, members of society lived in accordance with the customs of their ancestors, repeating the economic decisions taken by previous generations. Currently, such an economic system is no longer present in any country, only its elements can be observed in the economic systems of underdeveloped Asian or African countries.
In these types of economies, decisions are generally made by a small group of people who are part of the social peak, usually tribal chiefs. These people rely on the most urgent needs of their people, along with their religious and cultural values, and the immediate availability of resources, to make economic decisions.
Leonardo Da Vinci
Michaelangelo
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The 1819 Panic was the first financial crisis in the U.S which brought about a conflict between the members of the Democratic-Republican party. This was because the Northern industrialist wanted high tariffs compared to the southern plantation who were not for the idea. The Panic was the first major peacetime financial crisis in the United States that exacerbated tensions within the Republican Party. <em>The Panic further provoked sectional tensions as the northerners advocated for higher tariffs, unlike southerners who rejected their support for the nationalistic economic programs.</em>
