Hi friends, in today’s article we are going to know about the concept of dualism in economics and also know the features or characteristics of dualistic economy. So let’s discuss in details.
Table of Contents
Dualism Meaning in Economics
Dualism is a special characteristics of UDCs. Almost all UDCs have a dualistic economy. One is the market or modern economy, the other is the subsistence or traditional or backward economy. Thus, dualism refers to co-existence of two opposite economies i.e. modern economy.
Which enjoys all facilities and amenities like- the radio, the car, the bus, the train, the telephone, the picture house etc. of the modern life; where as the traditional economy remain deprived of all such thing. The existence this two different economics creates a problem known as the problem of dualism.
Characteristics of Dualistic Economy
The features or characteristics of dualistic economy are given below –
(i) Dualism possesses different sets of condition out of which same are superior and others are inferior. There are co-existence of modern and traditional method of production the co-existence of wealthy, educated people with illiterates poor people, the co-existence of industrial as well as agricultural sector.
(ii) The co-existence between two sector are chronic. Any differences between superior & inferior will not eliminate itself over time.
(iii) The degree of difference between superiority and inferiority falls to show any made of diminishing rather it has an inherent tendency to increase.
(iv) The interrelationship between superior and inferior element does little and nothing to improve or pullup inferior element.
So friends, this was the meaning and features of dualism economy. Hope you get the full details about it and hope you like this article.
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