The new traditional economy

This paper argues that a new economic system is emerging in the world economy, that of the new traditional economy. Such an economic system simultaneously seeks to have economic decision making embedded within a traditional socio‐cultural framework, most frequently one associated with a traditional religion, while at the same time seeking to use modern technology and to be integrated into the modern world economy to some degree. The efforts to achieve such a system are reviewed in various parts of the world, with greater analysis of the Islamic and neo‐Confucian economic systems.