The Evolution of Business

The Evolution of Business - C l i c k t o e d i t M a s t e...

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Unformatted text preview: C l i c k t o e d i t M a s t e r s u b t i t l e s t y l e 6 / 1 3 / 1 1 T h e E v o l u t i o n o f b u s i n e s s N o e l Y o u n g B U S / 2 1 2 / 2 7 / 1 1 L o r e l l e d a v i e s 6 / 1 3 / 1 1 The Main Points of The Evolution of Business v Feudalism v Property Rights v Commerce v Capitalism v Mercantilism 6 / 1 3 / 1 1 Feudalism v Feudalism is the system of political organization prevailing in Europe fro the 9th to about the 15th centuries having as its basis the relation of lord to vassal with all land held in fee and as chief characteristics homage, the service of tenants under arms and the court, wardship, and forfeiture (Merriam-Webster, 2011). v Feudalism is also any of various political or social systems similar to medieval feudalism (Merriam-Webster, 2011). v Feudalism is the business or economic system in which one class of people, aristocrats, control the property rights to all valuable resources, including people (Jones, 2007). v Feudalism is seen as a fundamental force of influence in the study of business evolution. From a historical perspective, its western roots 6 / 1 3 / 1 1 Feudalism ( Continued) v People in positions of power and control use feudalism as a means of keeping the status quo (Czarny, 2008). v Feudalism brought on many new things like capital, commerce, and a change from bartering to money (Jones, 2007). v The fight for the right to own and profit from land and labor underlies the history of business (Jones, 2007). v When people meet to barter one kind of good or service for another, a problem economists call the double coincidence of wants arises. The problem is that each person has to want the product that the other person has to offer for the exchange to be successful. For example, if I specialize in raising pigs, and you specialize in raising cows, you have to want my bacon, if I am to be able to obtain your 6 / 1 3 / 1 1 Property Rights v At the heart of any claim of a right to rule or govern and to direct the activities of others is the possession of property rights. Property rights are the claims by people to own, use, and sell the rights to valuable resources (Jones, 2007). v Before now, you had to use brutal force to claim property rights, but now days, there are laws that protect people who claim property rights (Jones, 2007)....
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The Evolution of Business - C l i c k t o e d i t M a s t e...

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