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Evolution of Business

Evolution of Business. Presentation by Alex Merkulov. University of Phoenix. Feudalism A.D. 500 - 1500. Mercantilism Until 18 th Century. Capitalism From early 19 th Century. Business Evolution Milestones. Steam Engine & Industrial Revolution. Pre-capitalism.

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Evolution of Business

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  1. Evolution of Business Presentation by Alex Merkulov University of Phoenix

  2. Feudalism A.D. 500 - 1500 Mercantilism Until 18th Century Capitalism From early 19th Century Business Evolution Milestones Steam Engine & Industrial Revolution Pre-capitalism

  3. Growth of Property Rights higher Number of people with property rights lower Time from Feudalism to Mercantilism and to Capitalism

  4. Feudalism Overview • Aristocrats control property rights to all valuable resources, including people (Mackenney, 2004). • Church is suspicious of profit • Nobles disdain commerce as unworthy

  5. Mercantilism Overview • Double-entry (P&L) accounting invented • Positive balance of trade is encouraged • Merchants and politicians begin to share common economic interests (Castaneda, 2006)

  6. Capitalism Overview • Supply and demand freed from major government control • Resources are privately owned by individuals and corporations

  7. Commerce • Increased over time with increasing property rights • Facilitates technological innovation • Improves quality of life (Castaneda, 2006)

  8. Industrial Revolution • Attributed to invention of Steam Engine, Railroad, etc. • Raised enterprise required to run big industrial business to high levels • Fueled innovation

  9. References Mackenney, R. (2004). Industry. In J. Dewald (Ed.)Europe, 1450 to 1789: Encyclopedia of the Early Modern World, 3(pp. 255-262) New York: Charles Scribner's Sons Retrieved March 1, 2009, from Gale Virtual Reference Library via Gale: http://go.galegroup.com/ps/start.do?p=GVRL&u=apollo Castaneda, C. J. (2006). Capitalism. In J. J. McCusker (Ed.)History of World Trade Since 1450, 1(pp. 103-108) Detroit: Macmillan Reference USA Retrieved March 1, 2009, from Gale Virtual Reference Library via Gale: http://go.galegroup.com/ps/start.do?p=GVRL&u=apollo

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