1 / 11

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

earl
Télécharger la présentation

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

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  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

More Related