Worldbuilding in focus: economy
The economy plays a crucial role in shaping the culture and overarching conflicts of a fantasy world. Just like in our world, characters (or mythical dragon-cows) in your novel will have needs, desires, and ambitions that are influenced by their unique role in the economy.
This could be our favourite dragon-cow Mildred dealing with the rising cost of living after a catastrophic economic crisis, her work tugging carts in the construction industry becoming redundant through advances in technology, or her favourite food, honey yams imported from the western regions of her Dragonville, becoming a scarce resource due to a political dispute between Dragonville and Cowville which resulted in the ban of honey yam imports.
A believable economy is essential for creating an immersive story, and adding depth to your characters’ experiences and motivations.
Remember, this isn’t an exhaustive list of questions but a starting point for you to get the ideas train going.
What is the basis of your economy?
Is it a capitalist economy, with private property, freedom of enterprise, and thorough competition? A socialist economy, with collective ownership, central planning, and no class conflict? Or a mixed economy, which includes both public and private sectors?
What is the most crucial economic event in your world’s history?
Think about the build-up to this event and the devastating consequences it had. This could be war, trade embargos, a recession, the collapse of a key financial institution, or a stock market crash.
This event could bring consequences such as high levels of unemployment, loss of supplies, or the disruption of your world's trade routes.
How is wealth distributed among different social classes or groups?
Think about the distribution across the upper, middle, and lower classes of your world. What percentage of your world lives in poverty?
What industries or sectors drive the economy?
Think about past and present driving industries, such as agriculture, mining, health services, construction, or manufacturing.
How does the economy influence culture, such as art, fashion, or entertainment?
Think about if the arts are valued in your world, and how inhabitants of different social classes experience the arts.
Does your world use fixed prices or bartering?
Think about what strategies a shop owner would use to solicit a higher price from different kinds of customers. Do they use emotional pleas such as “I need to feed my children” or do they point out the quality of the product?
Are there trade policies, agreements, or restrictions in your world?
Think about the historical and political reasons for these policies and restrictions, as well as the impact on the everyday lives of your inhabitants. Inter-country trade agreements may benefit one party more than the other. Consider why the other party would agree to these terms, such as an act of goodwill, to buy political influence, or through blackmail.