An agricultural economy in which the family is the basic unit of production.
- In the first phase of the development of industrial capitalism, there were those who decried the destruction of the peasant economy and petty-bourgeois artisan production.
- Livestock raising was a major element in the peasant economy, along with fishing, hunting, tar production, and peddling.
- Rapid population growth before 1600 led to the subdivision of peasant farms through inheritance, creating a fragile peasant economy vulnerable to the effects of crises.
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Syllabification: peas·ant e·con·o·my
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