Traditional economy was a standard for all a while back, and only relatively recently has the US changed to modern economics: capitalism. However, as the economy developed so did the needs and demands of many people, and it has led to industrialization of production to meet such a high demand. Nevertheless, both sides serve a purpose in order to make society survive, but, nowadays, without a modernized economy it would be practically impossible not only to enjoy the finer things, but to barely survive. However, all of it is changing drastically in today’s world, and for a good reason.
Countries Relying on Tradition Would Have Trouble Surviving Today
While nowadays it is possible to transfer possession to almost anyone you wish, it was not possible in the olden days. It could be only passed on through lineage, and unless you were part of the family, you had a hard time achieving greater goods in your lifetime. On one side of traditional economy people were discerned by their title and group, which created some kind of hierarchy. And on the other hand, the economy was very fragile, because if the conditions were not ideal, nothing could be produced. There was very little commerce for the sake of gaining profit, it was all done in order to survive.
The US Took a Different Turn Than the World
The US has always excelled at being different from the rest of the world, and they have quickly adopted the idea of capitalism, or the modern economic style. It had great impact on how people have changed from a more traditional upbringing to be able to gain power, no matter the roots. Inheritance was still very important, but any individual could make a name for themselves. Moreover, consumerism pumps capitalist markets now which dictates the supply and demand chains as well. In other words, without a higher need for acquiring possession, it would be impossible to fuel the entire economic state of the US.
The Greater Impact of Modern Economy on World Economy
Many countries have adopted the western style of economics, which has proved to be useful in raising their industrial and economic powers. However, the US relies heavily on the influence of the Internet and the networking prowess it brings into the equation. Moreover, it has enabled many new ways of earning money and creating markets never imagined before. Online gambling is currently in its golden age, because anyone who has a connection is eligible to participate, to read more go to casino blog. Such major changes enable the spirit of the US economy to live on and prosper in other countries too.
It is inevitable for an economy to change in order to flourish. Otherwise growth and development would be at a halt. Capitalism is already seeing major changes happening, which does not necessarily mean that everyone will benefit from it. However, so far, it has proved to be a beneficial way for people to gain not only power but personal wealth as well. With the introduction of the Internet, globalization has become more obvious and it has enabled many businesses to develop rapidly and to find new markets. The transition from traditional to modern economics is visible, and still has a noticeable impact.