Local economies

Definition

Local economies refer to the economic activities and systems that exist within a specific region or locality. They include production, consumption, distribution, and exchange of goods and services at a smaller scale than national or global levels.

Related terms

Cottage Industry: Cottage industry refers to small-scale manufacturing carried out by individuals or families in their homes using manual labor. This type of industry was common before the Industrial Revolution.

Subsistence Agriculture: Subsistence agriculture is a farming practice where farmers produce crops and raise livestock primarily for their own consumption rather than for commercial purposes.

Mercantilism: Mercantilism is an economic theory that dominated European thought during the early modern period. It promoted government regulation of trade to ensure a favorable balance of exports over imports and accumulation of wealth.