Gift economy
Gift Economy
A Gift Economy (pronunciation: /ɡɪft iːˈkɒnəmi/) is an economic system where goods and services are regularly given without any explicit agreement for immediate or future rewards.
Etymology
The term "Gift Economy" is derived from the English words "gift" and "economy". The word "gift" comes from the Old Norse word "gipt", which means "good luck", while "economy" is derived from the Greek word "oikonomia", meaning "household management".
Definition
In a Gift Economy, the value of goods and services is determined not by a market economy's supply and demand, but by the social value they hold within the community. This system is often contrasted with a barter economy or a market economy, where goods and services are traded or sold for a price.
Characteristics
Gift Economies are characterized by the free exchange of goods and services without the expectation of something in return. This is often seen in traditional societies, where gift-giving is a significant part of social interaction and relationship building. The act of giving in these societies is often associated with prestige and status, rather than economic gain.
Related Terms
- Potlatch: A gift-giving feast practiced by indigenous peoples of the Pacific Northwest Coast of Canada and the United States.
- Kula Ring: A ceremonial exchange system conducted in the Milne Bay Province of Papua New Guinea.
- Reciprocity: The practice of exchanging things with others for mutual benefit.
- Communalism: A system of government or social organization that promotes communal ownership and a strong sense of community.
See Also
External links
- Medical encyclopedia article on Gift economy
- Wikipedia's article - Gift economy
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