This preview shows page 1. Sign up to view the full content.
Unformatted text preview: Evolution of Business Ronie Carper Axia College Business Evolution Milestones
Steam Engine & Industrial Revolution Feudalism A.D. 500 - 1500 Mercantilism Until 18th Century Capitalism From early 19th Century Pre - Capitalism Growth of Property Rights Property rights are claims by people to own, use and sell the rights to valuable resources. In earliest times, the claim to property rights was a matter of brute force. Today laws provide people with a legitimate claim to own and use a resource. The History of English Aristocrats King and Queen Prince and Princess Duke and Duchess Marquees and Marchioness Earl and Countess Viscount and Viscountness Baron and Baroness Baronet and Lady Knight and Lady Commoners Feudalism Overview Aristocrats control property rights to all valuable resources, including people (Mackenney, 2004). Church is suspicious of profit Nobles disdain commerce as unworthy Merchantilism Overview Double-entry (P&L) accounting invented Positive balance of trade is encouraged Merchants and politicians begin to share common economic interests (Castaneda, 2006) Capitalism Overview Supply and demand freed from major government control Resources are privately owned by individuals and corporations Commerce Increased over time with increasing property rights Facilitates technological innovation Improves quality of life (Castaneda, 2006) Industrial Revolution Attributed to invention of Steam Engine, Railroad, etc. Raised enterprise required to run big industrial business to high levels Fueled innovation 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 ...
View Full Document
This note was uploaded on 05/16/2010 for the course BUS 210 taught by Professor Scottrought during the Spring '08 term at University of Phoenix.
- Spring '08