By Jennifer Cayce BUS/210
based on the exchange of land for military property during the middle ages, everyone in England had their lives affected by the introduction of Feudalism in the middle ages, feudalism resembled a pyramid with the lowest peasants at the bottom, then flowing up to the lives of authority to the top, or peak of the structure, the King himself the only person the King was responsible to answer to, under feudalism, was the Pope
There were five underlying principles of mercantilism:
the amount of wealth in the world was believed to be relatively static countries wealth was judged best by the amount of its precious metals and/or bullion as a way too obtain favorable balances of foreign trade that yielded precious metals, the encouragement of exports over imports was needed a large population was valued as a long way to self sufficiency and state power a crown or state should exercise a dominated role to assist and direct national and international economies
an economical and political system that is in it’s industrial, full, form was developed in England in the 18th century capitalism spread over Europe, North America, Australia, New Zealand and South Africa a minimum level of peace, law and order was necessary for capitol to be saved and invested by entrepreneurs if there is too much violence or the violence is continuous, capitalism cannot function
considered to be the whole system of an economy that constitutes today’s commerce includes a complex system of companies trying to maximize their profits by offering products and services to the consumer or “market” at the lowest production cost commerce constitutes the buying or selling of goods, especially on a large scale, as they are between cities and nations systems of international trade has helped developed the...