W6.1 TANG YINI 탕이니

 1.Summary 

The text primarily covers the developmental trajectory of the economy from ancient times to modern times. Here's a summary of the content:

1. Origin and Development of Economy:

   - The ancient economy revolved around self-sufficient agriculture initially, with the progression of time leading to the prominence of commodity exchange.

   - The Babylonians were among the early civilizations to formulate economic concepts and laws, developing writing systems and legal frameworks.

   - The economy in the Middle Ages was relatively simple, with exchanges primarily occurring within social groups and the utilization of venture capital for land conquest.

   - Renowned explorers such as Marco Polo, Christopher Columbus, and Vasco da Gama laid the foundation for the global economy through their expeditions.

2. Formation of Modern Economy:

   - The establishment of the first stock exchange marked the formation of the modern economic system.

   - European nations fostered domestic economic development through colonial expansion and trade control.

   - The period of mercantilism witnessed state intervention in trade and the rise of protectionist policies.

3. Development of Economics:

   - Adam Smith is considered the first true economist, proposing theories of free trade and division of labor.

   - The rise of capitalism supplanted mercantilism, with the advent of the Industrial Revolution signifying fundamental changes in economic production and the emergence of mass production.

In summary, the text delineates the historical progression of economic development from simple exchange in antiquity to the formation of a globalized modern economy, along with the evolution of economic theory.

2.Interesting points

The Babylonians not only developed a writing system and legal framework but also established the first known codified laws and administrative system. Their laws encompassed property division, debt interest, compensation rules, among others, laying the groundwork for the development of subsequent legal systems.

3.Questions 

how have the historical events and theories mentioned above influenced the formation and development of the modern economic system?

Comments

  1. 계해운 JIHAIYUNApril 19, 2024 at 5:26 AM


    The historical events and theories outlined above laid the foundation for the formation and development of the modern economic system. The codified laws and administrative systems established by the Babylonians served as precedents for later legal systems. Adam Smith's theories of free trade and division of labor became integral components of the modern economic system.

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