Definition of Old Economy:
Old economy is a term used to describe the blue-chip sector that enjoyed substantial growth during the early parts of the last century as industrialization expanded around the world. These sectors do not rely heavily on technology or technological advancement, but use processes that have been around for hundreds of years. Even with the rise of the new economy, old economy companies still experience growth, albeit at a declining rate.
Embedded in the Industrial Revolution and the mass production of physical goods. Objects were valued by their physical attributes. Common industries considered part of the old economy include energy, automobile manufacturers and steel.
Old economy differs from new economy in that it relies on traditional methods of doing business rather than leveraging new cutting-edge technology. This traditional economic system dates back to the Industrial Revolution and revolves around producing goods as opposed to the exchange of information. Common goods are valued by measurable factors such as operating expenses and scarcity of the product.
How to use Old Economy in a sentence?
- There is a limit to how much new technology can help old economy industries, which have roots that trace back to economic systems of the industrial revolution.
- Examples of old economy industries include steel, agriculture, and manufacturing.
- Climate change and new technologies impact the old economy, but most of the processes have been the same for hundreds of years.
- Old economy refers to industries that have not changed significantly despite advances in technology.
Meaning of Old Economy & Old Economy Definition