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The Evolution of Economic Theories & its Impacts on Business By Crystal

The Evolution of Economic Theories & its Impacts on Business By Crystal. Six Topics. Feudalism “ Land exchanged for loyalty ”. Medieval period from the 9th -15th century AD in Europe Political organization controlled by an elite called the lord

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The Evolution of Economic Theories & its Impacts on Business By Crystal

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  1. The Evolution of Economic Theories & its Impacts on Business By Crystal

  2. Six Topics

  3. Feudalism“Land exchanged for loyalty” • Medieval period from the 9th -15th century AD in Europe • Political organization controlled by an elite called the lord • Vassals serve as warriors and conduct work for the lord • Examples of Feudalism can be seen during 12th century England and 11th century France

  4. Mercantilism • Mercantilism is an economic theory that says the success of a nation depends on its capital supply • Maximize exports and minimize imports • Adam Smith attacks Mercantilism with his book The Wealth of Nations • Mercantilists ≠ absolute & comparative advantage

  5. Industrial Revolution 1760-1850 • Fundamental changes in: • Agriculture • Textile • Metal manufacture • Transportation • Economic policies The Spinning Jenny

  6. Causes of the Industrial Revolution • End of feudalism • Enclosure movement • Colonial expansion of the 17th century • Creation of financial markets • Scientific revolution

  7. Capitalism“Survival of the fittest” • An economic system in which corporations and private individuals own & maintain: • Means of production • Distribution • Exchange of wealth • Investment • Disadvantages • Those that can't/don't thrive in the system, and otherwise lack participation, are culled • Those that best "fit" that environment survive and maintain the rules/laws. • Advantages • Successful capitalistic systems tend to be open and competitive. • A healthy capitalistic system results in economic incentives.

  8. Property Rights • Property rights such as patents for mechanical improvements derived from the industrial revolution and capitalistic ideologies The Reverberatory Furnace

  9. Commerce • Commerce has increased exponentially • Causes • Industrial Revolution • Capitalism

  10. Summary • Feudalism • Mercantilism • Industrial Revolution • Property Rights • Capitalism • Exponential Commerce Growth

  11. References • Stephenson, Carl. Encyclopedia Britannica Online. (2008). Feudalism. Encyclopedia Britannica Online. Retrieved March 15, 2008, from Encyclopedia Britannica Online on the World Wide Web: http://www.britannica.com/bps/topic/205583/feudalism • Concise Encyclopedia of Economics, The laHaye, Laura, Mercantilismhttp://www.econlib.org/library/Enc/Mercantilism.html • Hooker, Richard. (1996). Capitalism: The European Enlightenment Glossary. Retrieved March 15, 2008, from Washington State University on the World Wide Web: http://www.wsu.edu/~dee/GLOSSARY/CAPITAL.HTM • Wikipedia the Free Encyclopedia. March 10, 2008. Retrieved March 15, 2008 from the World Wide Web: http://en.wikipedia.org/wiki/Commerce • Wikipedia the Free Encyclopedia. March 13, 2008. Retrieved March 15, 2008 from the World Wide Web: http://en.wikipedia.org/wiki/Property • Wikipedia the Free Encyclopedia. March 15, 2008. Retrieved March 15, 2008 from the World Wide Web:http://en.wikipedia.org/wiki/Industrial_Revolution

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