Subsistence economy

Definition of Subsistence economy

The fundamentals of a subsistence economy are natural resources that fulfill the basic needs. A non-monetary system follows the strategies such as hunting, gathering and subsistence agriculture for food and surrounding trees for building shelter or home. The measurement of wealth in a subsistence economy is done in the terms of natural resources.

Books on Subsistence economy

Book 1 –

Subsistence Agriculture and Economic Development Edited by Clifton R. Wharton (published by Transaction Publishers, 1970)

Book 2 –

The Demise of a Rural Economy: From Subsistence to Capitalism in a Latin American Village By Stephen Gudeman (published by Routledge, 2013)

How Subsistence economy works?

The economy is dependent on collecting or amassment of valuable items, basically to aid increment in wealth, or the creation of wealth is named as a subsistence economy. The ideal example subsistence economy can be Canada, the United States, etc. even almost the world is an example of a subsistence economy.

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