This refers to how modernization or globalization can undermine traditional economies - systems based on local trade, agriculture, hunting/gathering etc., causing them to decline or collapse.
It's like having a small family-run bakery that has been operating for generations but then a big supermarket opens nearby offering cheaper mass-produced bread. Over time, customers shift towards the supermarket causing the family bakery business to weaken.
Globalization: The process by which businesses or other organizations develop international influence or start operating on an international scale.
Modernization Theory: A theory that outlines the path from traditional society to modern society; suggests economic development as key factor for societal change.
Subsistence Economy: An economy that produces just enough resources for the population's survival without much surplus for trade.
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