Traditional economic system is the type of economy system that prevailed in all independent human organization or settlements prior to their contact with the outside world. In Africa, for instance, feudalism and communism predominated before contact with Europeans.
The capital market is a financial market for trading in, long-term financial assets. It is a market for long-term loans and investments. It consists of people and organizations who wish to lend out money or to borrow on a long-term basis.