Evolution of Business

1
Evolution of Business

• Presentation by Alex Merkulov

University of Phoenix
2
Business Evolution Milestones
Steam Engine Industrial Revolution
Pre-capitalism
3
Growth of Property Rights
higher
Number of people with property rights
lower
Time from Feudalism to Mercantilism and to
Capitalism
4
Feudalism Overview

• Aristocrats control property rights to all
  valuable resources, including people (Mackenney,
  2004).
• Church is suspicious of profit
• Nobles disdain commerce as unworthy

5
Mercantilism Overview

• Double-entry (PL) accounting invented
• Positive balance of trade is encouraged
• Merchants and politicians begin to share common
  economic interests (Castaneda, 2006)

6
Capitalism Overview

• Supply and demand freed from major government
  control
• Resources are privately owned by individuals and
  corporations

7
Commerce

• Increased over time with increasing property
  rights
• Facilitates technological innovation
• Improves quality of life (Castaneda, 2006)

8
Industrial Revolution

• Attributed to invention of Steam Engine,
  Railroad, etc.
• Raised enterprise required to run big industrial
  business to high levels
• Fueled innovation

9
References

• Mackenney, R. (2004). Industry. In J. Dewald
  (Ed.)Europe, 1450 to 1789 Encyclopedia of the
  Early Modern World, 3(pp. 255-262) New York
  Charles Scribner's Sons Retrieved March 1, 2009,
  from Gale Virtual Reference Library via Gale
  http//go.galegroup.com/ps/start.do?pGVRLuapoll
  o
• Castaneda, C. J. (2006). Capitalism. In J. J.
  McCusker (Ed.)History of World Trade Since 1450,
  1(pp. 103-108) Detroit Macmillan Reference USA
  Retrieved March 1, 2009, from Gale Virtual
  Reference Library via Gale http//go.galegroup.co
  m/ps/start.do?pGVRLuapollo