ECON 1100 Lecture Notes - Lecture 3: Midland Railway 1000 Class, Economic System, Feudalism
Document Summary
Economic systems- rules/methods put in place by a society to determine what goods are produced, how goods are produced, and for whom they are produced: the way these questions are answered determines the economic system. Comparative economic systems- subfield of economics that compares/contrasts the structure/performance of different economic systems. ** households and firms can"t do without each other! Overview of capitalism: forerunner to capitalism was feudalism (economic system in which land ownership is restricted to an aristocratic nobility) Either formally/informally, the pool of land owners started increasing and eventually. 8-22-17 | 2: adam smith- father of modern economics. Socialism replaced capitalism (capitalism/socialism/communism: marx: people were naturally good & would. 8-22-17 | 3: marx"s communist ideal remains a theoretical construct, having never truly been implemented in practice: systems of cuba, north korea, and former soviet union more accurately match the definition of socialism.
