Econ - Context matters British econ in smiths time In...

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Context matters British econ in smiths time In smiths time the economy was already capitalistic and was organized for profit Capitalists owed capital goods (the means of production) and hired others (wage laborers) to operate Big differences Factories and companies are much larger and more complex Corporations can now affect prices redefine technology and manipulate consumer taste. Theories are based on time and place How have we got here- A brief history of capitalism What use is history Econ history used to be mandatory in econ grads until 1980s, many now don’t offer the course Econ history forces us to question some things we may take for granted Econ systems To start with econ history you should go back to the start of human history A complete look would involve: Tribal society, slavery, feudal, mercantilist, capitalism, socialism, communism. The dawn of capitalism The world before capitalism was characterized by slow growth .12% in medieval era Culture shifted to more rational approaches to understanding the world, meaning the exploration of science.

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