Subsistence economy versus conspicuous consumption

Abstract

This chapter does not have an abstract. The following is the first paragraph of the chapter.

Throughout the history of mankind large parts of the world existed in the state of a subsistence economy, that is a standard of living providing on1y the bare necessities of life, or an economy in which exchange is notable by its absence because goods and services are produced and consumed by the same families. In most instances subsistence farming was in place, namely farming which directly supports the farmer's household without producing a significant surplus for trade. Surely enlarging their production and subsequently trading their surplus to other parts of the world had developed some areas further. Nevertheless the dominant form of organising economic activities was on the level of subsistence economy, which is to secure the bare survival of the people living in a secluded economic, social and cultural environment.