JI SOOGEUN-W4:Economy

 

 

 

 

Summary

 

Economy, making and distributing something, have been larger as societies grew and have complexed.

Capitalism started from 16th Europe. Afterward, it spread to world

The form of modern society market is originated Roman Empire, the Islamic Golden Age, Muslim Agricultural Revolution, earliest forms of merchant capitalism in from 8 century to 12 century

Proper monetary economy is started from Muslims. In this time, by economists and merchants and traders, innovations were started; trading companies, contracts, bills of exchange and so on.

The economic system has changed as world’s change. Economic system, from 16 century to 18 century, was described as mercantilism. During the Industrial Revolution industrialists play the role of dominant actor in the capitalist system. In the 19th century, increasing number of oligopolistic firms dominate this period. In the last quarter of the 19th century, US government played a large role in laws and regulation of industrial. The end of the 19th century, Long Depression and Great Depression affect almost entire world’s economy.

Capitalism have been worked by commodity, money, labour power, means of production, production.

Socialists say unfairly, capitalism concentrate power and wealth. Socialism is divided from many in accordance with area.

 

Interesting things

 

‘Proper monetary economy is started from Muslims’ is a interesting part of this writing. I think naturally all economy systems are started from Europe. But after think carefully, I understand that. Behind, Muslims took lead world’s trades. So, ‘Proper monetary economy is started from Muslims’ is reasonable result.

 

Question

 

 

I wonder why Long Depression and Great Depression happened.