A subsistence economy is an economy directed to basic subsistence, the provision of food, clothing, shelter rather than to the market.
Definition
"Subsistence" is understood as supporting oneself and family at a minimum level. Basic subsistence is the provision of food, clothing, shelter. A subsistence economy is an economy directed to one's subsistence rather than to the market.[1] Often, the subsistence economy is
moneyless and relies on natural resources to provide for basic needs through hunting, gathering, and
agriculture. In a subsistence economy, economic surplus is minimal and only used to trade for basic goods, and there is no
industrialization.[2][3] In hunting and gathering societies, resources are often, if not typically underused.[4]
The subsistence system is maintained through sharing, feasting, ritual observance and associated norms.[5]
Harvesting is an important indicator of
social capital.[6]
Subsistence embodies cultural perspectives of relationships to places, people and animals.[7]
Potlatching — a widely studied ritual in which sponsors (helped by their entourages) gave away resources and manufactured wealth while generating prestige for themselves.
^'Subsistence agriculture' in: Alan Barnard and Jonathan Spencer, eds. (1996) Encyclopedia of Social and Cultural Anthropology, London and New York: Routledge, p.624.