Shared Economy versus Traditional Economy

Feb 3rd, 2012
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The shared economy is currently the new emerging form of economic trend in the world. It only involves an owner of a particular commodity giving it to another person for a fee that the two parties will agree upon. The owner can rent a bicycle, car, house, laptop, and among other things. However, in case of any damage, the person using the commodity is legible for paying for the cost. On the other hand, traditional economy refers to the usual production of goods and services by the manufacturer and then selling them to a ready customer; that is, the role of the consumer and producer is well defined (Zelizer, 2011). It has been the dominant type of economy existing for so many years, and it is even responsible for industrialization.

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