III Earlier economic systems were based on customs, conventions and traditions.

2.Owner-Worker Tenant Systems:-

a) Slavery:-

With a few powerful people becoming owners of land & other property, they became rulers having superior powers & rights over those who were not in possession of land & property. Therefore, evolved a system of slavery.

This system was confined to a few countries. The institution of slavery prevailed in abundance in Egypt, Greece, and Rome etc. Negro slaves were slaves were the supplies and required source of labour. The slave-master relation was used to solve the economic problems of production by slaves, exploitation and wealth accumulation by the slave owners.

However due to emergence of liberal& humanitarian ideologies, this system could not continue & the slaves were set free. But some elements of this system can still be found in the system of bonded labour in some countries.

In other countries, like India where “veth bigar” in vogue,. Government. has passed a legislation abolishing it.

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