EVOLUTION OF BUSINESS

By: Erlin O. Reyes Describing The Evolution Of Business

OVERVIEW:

• Feudalism

• Mercantilism

• Capitalism

• Commerce

• Property Rights

• The industrial revolution

Feudalism

Writings of business founded in stone ages.

How society was organized and emerged in the middle ages.

Aristocrats control the property rights to all valuable resources.

Evolution of tenant farming.

Laborers began to receive rewards and profit.

Mercantilism Barter of goods and land

to gold and silver.

The business system of import/export.

The international of trading.

Merchants and Bankers recognized values in commodities.

Discrepancy in value and price.

Capitalism Economic, business

political system

Control of physical capital

Class system

Industrial production

New working class proletariat evolved.

Commerce Barter to Money

Money to capital

Sales and purchases

Supplying goods and services

The joint stock corporation evolved.

Property Rights Right to own, sell,

trade, valuable resources.

Land for production to built structures

The rights to financial assets through Capital

Copyrighting a product or patents through Enterprise.

Labor the right to work freely

The Industrial Revolution Began in 1800’s

It spread the US in 1900’s

Provided new opportunities for capital

Shifted production and trades

Brought advances in technology

Conclusion In conclusion business systems such as,

Feudalism, Mercantilism, Capitalism, and commerce emerged a new era for business. It allowed people to share wealth, land, enterprise and capital. This later came about in the production of trade, profits and money. It allowed different classes and rank of people the rights to ownership of land or capital and in creating an enterprise.

ReferenceJones, G. R. (2007). Introduction to business: How companies

create value for people. New York, NY: McGraw-Hill/Irwin