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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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Presentation Transcript
slide1

The Evolution of Economic Theories

& its Impacts on Business

By

Crystal

feudalism land exchanged for loyalty
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
mercantilism
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
slide5

Industrial Revolution

1760-1850

  • Fundamental changes in:
    • Agriculture
    • Textile
    • Metal manufacture
    • Transportation
    • Economic policies

The Spinning Jenny

slide6

Causes of the Industrial Revolution

  • End of feudalism
  • Enclosure movement
  • Colonial expansion of the 17th century
  • Creation of financial markets
  • Scientific revolution
capitalism survival of the fittest
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.
property rights
Property Rights
  • Property rights such as patents for mechanical improvements derived from the industrial revolution and capitalistic ideologies

The Reverberatory Furnace

slide9

Commerce

  • Commerce has increased exponentially
  • Causes
    • Industrial Revolution
    • Capitalism
summary
Summary
  • Feudalism
  • Mercantilism
  • Industrial Revolution
    • Property Rights
    • Capitalism
    • Exponential Commerce Growth
references
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