W5.1

 1) Overview: The article commences with an engaging interactive approach, utilizing anecdotes from the book "Colony" to underscore the significance of economy in fostering prosperous communities. Economy, as defined, pertains to the utilization of resources to fulfill material needs. It asserts that economies have existed as long as goods or services have been produced and distributed. Initially, ancient economies were largely based on subsistence agriculture, while the Middle Ages witnessed economies primarily operating at subsistence levels. Adam Smith, a pioneering figure, is credited as the first true economist for delineating the foundational elements of a national economy, emphasizing the role of competition and division of labor in determining natural prices.

The evolution of modern markets finds its roots in historical epochs such as the Roman Empire, the Islamic Golden Age, and the Muslim Agricultural Revolution, which laid the groundwork for market economies and early forms of commercial capitalism from the 8th to the 12th centuries. The period between the 16th and 18th centuries is often identified as the era of commercialism. However, the rise of large industrial trusts in the late 19th century prompted legislative interventions in the United States to curb monopolistic tendencies.

2) Intriguing Observation: A point of interest lies in the diverse scholarly perspectives on the relationship between commercialism and modern capitalism. While some scholars regard commercialism as the precursor to modern capitalism, others contend that modern capitalism emerged at a later stage. Karl Polanyi, for instance, argued that despite the commercializing trends of commercialism, it did not undermine the fundamental protections safeguarding labor and land from becoming commodities.

3) Question: Have you encountered any significant economic events in your locality or personal experiences that have left a lasting impact on you?