A retroeconomy refers to an economic environment where firms operate using comparatively outdated technologies, yet continue to meet existing consumer demand. The term “retro” is derived from Latin, meaning “backwards.” In this context, we define retroeconomics as a theoretical framework that seeks to explain the structural technological lag within certain national economies.

Although the structural drivers of a retroeconomy are diverse in nature, they collectively contribute to the formation of a retroeconomic structure. The primary contributing factors include:

Restrictive intellectual property rights, which limit access to advanced technologies;

Economic monopolisation, hindering market competition and innovation;

Strategic behaviour of dominant global firms, who may restrict technology diffusion;

Low levels of human capital development, particularly in science and technology; and

The prevalence of ‘zombie’ enterprises, referring to insolvent firms and associated banks that continue operations through state-guaranteed loans, often following........

© Eurasia Review