ETHNIC ECONOMY AS A SPECIAL TYPE OF ECONOMIC SYSTEM: TO BE OR NOT TO BE IN THE CONTEMPORARY WORLD

Abstract

The article analyzes the concept and features of such type of economic system as ethnic economy which is a segment of the national economy based on ethnicity and traditional ways of doing business. The article says that ethnic economy in terms of economic profitability and the level of labor productivity today is much inferior to industrial production and agriculture. Because of these factors, the contradiction arises between the possibility of obtaining economic goods in an archaic, unprofitable way but with the preservation of national traditions, beliefs, language and culture and in a mass productive way, provided that production processes are standardized. It is concluded that with regard to the ethnic economy, a purely economic dimension cannot be acceptable, since the importance of preserving ethnic economies is determined by the need to preserve ethnic groups, culture, traditions, as well as employment and decent living in rural areas.