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A new traditional economy seeks to embed a technologically advanced and modern economy within the institutional, legal, and behavioral constraints of a traditional socio-cultural framework, which often takes the form of a traditional religion. It is to be contrasted with an old traditional economy, which is usually technologically backward and isolated from the world economy, mired in following past practices. Iran is an example of a new traditional economy, and the Islamic economics movement can be seen as an example of a new traditional economy movement. Such movements and influences exist to varying degrees within Confucian, Buddhist, Hindu, Christian, Jewish, and other societies. The concept was initially introduced in 1996 by J. Barkley Rosser, Jr. and Marina V. Rosser in their Comparative Economics in a Transforming World Economy.
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