what is the marketSolutionAccording to Britannica Market, a .pdf

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what is the market Solution According to Britannica \"Market, a means by which the exchange of goods and services takes place as a result of buyers and sellers being in contact with one another, either directly or through mediating agents or institutions.\" The basic principle of a market is a place of exchange. Early markets were held in the town square where people brought excess goods and food to barter with others. THE ORIGIN OF MARKETS Markets as centres of commerce seem to have had three separate points of origin. The first was in ruralfairs. A typical cultivator fed his family and paid the landlord and the moneylender from his chief crop. He had sidelines that provided salable products, and he had needs that he could not satisfy at home. It was then convenient for him to go to a market where many could meet to sell and buy. The second point was in service to the landlords. Rent, essentially, was paid in grain; even when it was translated into money, sales of grain were necessary to supply the cultivator with funds to meet his dues. Payment of rent was a one-way transaction, imposed by the landlord. In turn, the landlord used the rents to maintain his warriors, clients, and artisans, and this led to the growth of towns as centres of trade and production. An urban class developed with a standard of life enabling its members to cater to each other as well as to the landlords and officials. The third, and most influential, origin of markets was in international trade. From early times, merchant adventurers (the Phoenicians, the Arabs) risked their lives and their capital in carrying the products of one region to another. Types of markets: The basic principle of a market is a place of exchange. Early markets were held in the town square where people brought excess goods and food to barter with others. THE ORIGIN OF MARKETS Markets as centres of commerce seem to have had three separate points of origin. The first was in ruralfairs. A typical cultivator fed his family and paid the landlord and the moneylender from his chief crop. He had sidelines that provided salable products, and he had needs that he could not satisfy at home. It was then convenient for him to go to a market where many could meet to sell and buy. The second point was in service to the landlords. Rent, essentially, was paid in grain; even when it was translated into money, sales of grain were necessary to supply the cultivator with funds to meet his dues. Payment of rent was a one-way transaction, imposed by the landlord. In turn, the landlord used the rents to maintain his warriors, clients, and artisans, and this led to the growth of towns as centres of trade and production. An urban class developed with a standard of life enabling its members to cater to each other as well as to the landlords and officials. The third, and most influential, origin of markets was in international trade. From early times, merchant adventurers (the Phoenicians, the Arabs) risked their lives a.

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meet his dues. Payment of rent was a one-way transaction, imposed by the landlord. In turn, the
landlord used the rents to maintain his warriors, clients, and artisans, and this led to the growth
of towns as centres of trade and production. An urban class developed with a standard of life
enabling its members to cater to each other as well as to the landlords and officials.
The third, and most influential, origin of markets was in international trade. From early times,
merchant adventurers (the Phoenicians, the Arabs) risked their lives and their capital in carrying
the products of one region to another.
Types of markets:Consumer Intend to consume or benefit, but not to make a
profit.Organizational/Business For: ResaleDirect use in productionor general daily operations.

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Capitalism Pre capitalist Mercantilism is economic nationalism for the purpose of building a wealthy and powerful state. Adam Smith coined the term “mercantile system” to describe the system of political economy that sought to enrich the country by restraining imports and encouraging exports. (Library of economics and liberty) The goal of these policies was, supposedly, to achieve a “favourable” balance of trade that would bring gold and silver into the country and also to maintain domestic employment the mercantile system served the interests of merchants and producers such as the British East India Company, whose activities were protected or encouraged by the state. The most important economic rationale for mercantilism in the sixteenth century was the consolidation of the regional power centres of the feudal era by large, competitive nation-states. Enclosure Acts (1604 – 1914)– land publicly used for grazing , crops became the property of landlords – who then increased rent – pushing people toward the cities to earn a living Other contributing factors were the establishment of colonies outside Europe; the growth of European commerce and industry relative to agriculture; the increase in the volume and breadth of trade; and the increase in the use of metallic monetary systems, particularly gold and silver, relative to barter transactions. Growth of empire building (and military) During the mercantilist period, military conflict between nation-states was both more frequent and more extensive than at any other time in history. The armies and navies of the main protagonists were no longer temporary forces raised to address a specific threat or objective, but were full-time professional forces. Each government’s primary economic objective was to command a sufficient quantity of hard currency to support a military that would deter attacks by other countries and aid its own territorial expansion. In exchange for paying levies and taxes to support the armies of the nation-states, the mercantile classes induced governments to enact policies that would protect their business interests against foreign competition. For example; In France, Jean-Baptiste Colbert, the minister of finance under Louis XIV from 1661 to 1683, increased port duties on foreign vessels entering French ports and provided bounties to French shipbuilders. In Britain - the Navigation Act of 1651 prohibited foreign vessels from engaging in coastal trade in England and required that all goods imported from the continent of Europe be carried on either an English vessel or a vessel registered in the country of origin of the goods. Finally, all trade between England and its colonies had to be carried in either English or colonial vessels But then The innovation and invention thoprugh science and reasoning led to the Eric Hobsbawm did not exaggerate when he opined that “the Industrial Revolution marks the most fundamental transformation of human lif ...

Capitalism Pre capitalist Mercantili.docx

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As the world has evolved from the age of industrialization to the Networked Society, the nature of consumption has also changed. The evolution of consumers’ consumption patterns is intertwined with the disruptions that have transformed industries, cities and society alike. Businesses that grasp the new reality will be the ones that survive transformation to grow and flourish. Furthermore, the evolving nature of consumption means that growth no longer has to be at the expense of the global environment. http://www.ericsson.com/thinkingahead/networked_society/commerce_reports

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Eco 223 Economic History of the Western Community: Chapter 3 – Feudalism TOWNS IN THE FEUDAL PERIOD - the analysis of urban life in the feudal period is crucial to understand the long period of transition from feudalism to capitalism TOWNS IN THE EARLY PERIOD (8th - 11th centuries) PRECONDITIONS FOR THE REVIVAL OF TOWN LIFE DEVELOPMENT OF MARITIME AND INLAND CITIES (12th – 13th centuries) CITY REGULATION THE URBAN ECONOMY FOOD AND FOOD SALES URBAN INDUSTRY * Eco 223 Economic History of the Western Community: Chapter 3 – Feudalism TOWNS IN THE FEUDAL PERIOD TOWNS IN THE EARLY PERIOD (8th - 11th centuries) – the urban centers of the Roma Empire were practically empty during these period due to a large extent to the Moslem invasions during the 7th and 8th centuries. At the beginning of feudalism, towns became less important as centers of economic life, and their populations fell as European countries turned increasingly to an inward looking, self-sufficient agricultural life style. Functions of towns during this period Towns as ecclesiastical centers Towns as military centers. * Eco 223 Economic History of the Western Community: Chapter 3 – Feudalism TOWNS IN THE FEUDAL PERIOD Towns as Ecclesiastical Centers As the Roma Empire disappeared, the Christian Church survived in the old Roman cities. The fact that feudal princess moved back to their country estates meant that the Church’s authority and power in cities increased without any physical presence to provide a counter-influence. Cities were populated by clerics, monks, teachers and students of the Church-run schools, household servants and artisans. Market activity in these towns was limited to the local markets where peasants from the surrounding areas sold agricultural produce to the town dwellers. * Eco 223 Economic History of the Western Community: Chapter 3 – Feudalism TOWNS IN THE FEUDAL PERIOD Towns as Military Centers Roman cities were always fortified against invaders and during the insecurities of the feudal period they served as secure refuges of the neighborhood population. In addition, as feudal nobles were now in charge of defending and protecting their land and population, a new military element to the old town was now added.Burgs – were strategically located fortresses built with the purpose of serving as military bases. Over time burgs became administrative centers as the nobles’ agents acquired more authority over the area. Military and ecclesiastical cities became the locations were the expansion of trade and commerce, and thus the expansion of towns, was located. * Eco 223 Economic History of the Western Community: Chapter 3 – Feudalism TOWNS IN THE FEUDAL PERIOD PRECONDITIONS FOR THE REVIVAL OF TOWN LIFE – two conditions are crucial for towns to become permanent establishments: There must be a need for a town There must be a surplus food supply in the countryside * E ...

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