Dual economy

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Dual economy (sometimes also known as a 'dualistic economy') is the existence of two separate economic systems within one region; common in the less developed countries, where one system is geared to local needs and another to the global export market.

For example, a modern plantation or other commercial agricultural entity operating in the midst of traditional cropping systems. In this kind of economy, agriculture and industry survive together.

Contradictionary, Robert Gilpin in his writing on "The political economy of international relations"* (p.66/67) describes the realationship between modern (globalized) and traditional (local) mode production as one of the former overcoming the latter. This is due to the greater efficency and economic integration of the modern production system.

Examples of Dual Economy Singapore

• The political economy of international relations / Robert Gilpin. With the ass. of Jean M. Gilpin . - 8. print . - Princeton, NJ : Princeton Univ. Pr. , 1987 .