TAILIEUCHUNG - The History of Economic Systems

Capitalism and socialism have not existed forever. Capitalism came into widespread existence in the mid-1700s; socialism came into existence in the early 1900s. Before capitalism and socialism other forms of economic systems existed: Feudalism dominated the Western world from about the 8th to the 15th century. | The History of Economic Systems Chapter 2 Appendix Laugher curve Socialism is the longest path from capitalism to capitalism. Evolving Economic Systems Capitalism and socialism have not existed forever. Capitalism came into widespread existence in the mid-1700s; socialism came into existence in the early 1900s. Evolving Economic Systems Before capitalism and socialism other forms of economic systems existed: Feudalism dominated the Western world from about the 8th to the 15th century. Feudalism is an economic system in which traditions rule. Evolving Economic Systems Feudalism gave way to mercantilism. Mercantilism is an economic system in which government determines the what, how, and for whom decisions by doling out the rights to undertake certain economic activities. Evolving Economic Systems Mercantilism remained the dominant economic system until the Industrial Revolution. Industrial revolution – a time when technology and machines rapidly modernized industrial production and .

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