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What are the differences between old and new economy?

i just try to known the differentiate between old economy and new economy


How was the economy of the old south different from the economy of the new south?

The North has cattle, wheat, and corn. The North farmed and food to eat. Which the South had cotton, their cash crop.


What is old economy?

The term "old economy" refers to traditional industries that have historically been the backbone of economies, such as manufacturing, agriculture, and mining. These sectors are characterized by established business practices and often rely on physical goods and labor-intensive production processes. In contrast to the "new economy," which emphasizes technology, services, and digital innovation, the old economy typically focuses on tangible products and conventional market structures. The old economy remains significant, especially in terms of employment and economic stability, despite the rise of newer sectors.


What are the limitations of old economy?

Limitations of an old economy are its inability to change to meet modern demands, a lack of diversity, and low output. Old economies are based on systems which are largely forgotten or no longer used.


What effect did the Japanese seclusion edicts have on the economy?

It made the economy old-fashioned, and not up to date. Therefore, when the Japanese went to war, they were beaten because they had old weapons. After this, the shogun ended the seclusion edict, right as Commodore Perry came to treaty with Japan. He was welcomed, and a treaty was made between the US and Japan.