Palace economy

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A palace economy or redistribution economy^[1] is a system of economic organisation in which a substantial share of the wealth flows into the control of a centralized secular administration, the palace, and out from there to the general population, which may be allowed its own sources of income, but relies heavily on the wealth redistributed by the palace.

Contents 1 Ancient 1.1 Chinese in the Chou Age 1.2 Sumerian 1.3 Egyptian 1.4 Minoan 1.5 Mycenaean 1.6 Hittite 1.7 Phrygian 1.8 Iranian in the Achaemenid period 2 Middle 2.1 Aztec 2.2 Inca 3 Modern 4 Notes

[edit] Ancient

Many pre-industrial civilizations practised economies that fit this economic model.

[edit] Chinese in the Chou Age

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The Chinese used this type of economy very often, always trying to control the population. However, it did work for several hundred years, and in fact aided the population to advance centuries past other nations. Unfortunately, in the 6th and 5th century BC, there was a backlash, resulting in a shortage and famine that lasted the better part of the following century.

[edit] Sumerian

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[edit] Egyptian

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[edit] Minoan

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[edit] Mycenaean

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[edit] Hittite

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[edit] Phrygian

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[edit] Iranian in the Achaemenid period

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[edit] Middle

[edit] Aztec

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[edit] Inca

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[edit] Modern

The contemporary economy of North Korea has also been characterized as a palace economy. Entirely state-controlled and poorly managed, it is highly inefficient and therefore the country depends on foreign aid for the survival of its population^{[citation needed]}.

[edit] Notes