Chapter one outline-1

Chapter one outline-1 - Chapter one Economic History: A...

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Chapter one Economic History: A Whirlwind Tour Capitalism Free market economy Allowed to make free choices Private property rights Gives owner the rights of use, benefit, transfer Government protects property rights Provides safety net, benefits, welfare, insurance, social security Precursors Ancient empires Ruled by tradition and custom Agriculture didn’t produce much surplus (more than needed) Feudalism Became primary social/economic unit Manors Lords provided protection for serfs Serfs tilled land and cared for animals King was at the top of chain Governed by custom Catholic church was largest land owner Guilds ruled the city community (craft/trade organizations) Guilds had religious components Downfall of Feudalism Changes in technology Urbanization More people moved to cities Allowed specializing Improved merchant trading Broke down feudal relationship Increase of raw material Creation of nation-state
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This note was uploaded on 04/03/2008 for the course ECON 112 taught by Professor Minkler during the Spring '08 term at UConn.

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Chapter one outline-1 - Chapter one Economic History: A...

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