Economics
the academic discipline that studies systems of production, distribution, and consumption, typically in the industrialized world
Economic anthropology
a branch of the discipline of anthropology that looks at systems of production, distribution, and consumption wherever, but most often in the non-industrialized world
Formal economic theory
assumptions about economic behavior based on the experience of Western, industrialized economies
Formalism
a school of economic anthropology that argues that the broad ideas of formal economic theory can serve as analytic tools to study any economic system
Substantivism
a school of economic anthropology that seeks to understand economic processes in their role of maintaining an entire cultural order, often used when examining non-industrial cultures
Allocation
a society's regulation and control of such resources as land, water, and their by-products
Property rights
the Western concept of individual ownership (an idea unknown to some non-Western cultures) in which rights and obligations to land, livestock, or material possessions reside with the individual rather than a wider group
Production
the process whereby goods are obtained from the natural environment and altered to become consumable goods for society
Division of labor / labor specialization
the assignment of day-to-day tasks to the various members of a society
Organic solidarity
a type of social integration based on mutual interdependence, found in societies with a relatively elaborate division of labor
Mechanical solidarity
a type of social integration based on mutuality of interests, found in societies with little division of labor
Reciprocity
a mode of distribution characterized by the exchange of goods and services of approximately equal value between parties
Generalized reciprocity
the practice of giving a gift without expecting a gift in return; creates moral obligation
Balanced reciprocity
the practice of giving a gift with the expectation that a similar gift will be given in the opposite direction after a limited period of time
Silent trade
a form of trading found in some small-scale societies in which the trading partners have no face-to-face contact
Negative reciprocity
a form of economic exchange between individuals who try to take advantage of each other
Redistribution
a mode of distribution in which goods are services are given by members of a group to a central authority (such as a chief) and then distributed back to the donors, usually in the form of a feast
Bridewealth
The transfer of goods from the groom's lineage to the bride's lineage to legitimize marriage
Dowry
The transfer of goods from the bride's lineage to the groom's lineage to legitimize marriage
Chiefly redistribution / tribute
the practice in which goods (usually food) are given to a chief as a visible symbol of people's allegiance, and then the chief gives the items back to the people
Big men / big women
self-made leaders who mainly gain prominence by convincing their followers to contribute excess food to provide lavish feasts for the followers of other big men or big women
Potlatch
a competitive giveaway that serves as a mechanism for both achieving social status and distributing goods
Prestige economics
a category of economic institutions, such as the potlatch and big men/big women, in which wealth is distributed and prestige is and status are thereby conferred
Market exchange
a mode of distribution in which goods and services are bought and sold and their value is determined by the principle of supply and demand
Standardized currency / money
a medium of exchange that has well-defined and understood value
Barter
the direct exchange of commodities between people that does not involve money