THE EVOLUTION OF BUSINESS

A brief explanation of the different forms of business organization By Felicia Mayes - BUS/210

Table of Contents
Property Rights

Feudalism
Mercantilism Industrial Revolution Capitalism Commerce APA Reference Page

Property Rights

Property Rights
Hierarchy of authority Monarchs Aristocrats Landowners & tenant farmers

Magna Carta (1215) allowed aristocrats to own private property rights

Modern day property rights

Feudalism

Feudalism
Middle Ages (A.D. 500-1500)

Tenant Farming emerged to increase morale

Bargaining and negotiations between tenants & landowners Conflicts arose between enterprising aristocrats Property rights of other aristocrats were not recognized Englands Hundred Years War

Mercantilism

Mercantilism
Phoenician traders Merchants Monopoly by aristocratic families Increase in enterprise leads to a surge in banking institutions Trade resulted in knowledge & ideas being shared

Industrial Revolution

Industrial Revolution
Britain Europe United States Advances in technology Steam engine emerges Centralized production + large workforce = low-cost products

Communication & travel between countries improves

Coal mining industry created Farming industry impacted too

Capitalism

Capitalism
John D. Rockefeller and Andrew Carnegie

Capitalists & factory owners take advantage of the proletariat

Trade unions form Labor laws enacted to protect workers

The class system revisited; a social hierarchy

Commerce

APA Reference Page

Jones, G.R. (2007). Introduction to Business: How Companies Create Value for People. Retrieved from the University of Phoenix Axia College BUS/210 Materials.

Images from Microsoft Office Clip Art (2010) Retrieved October 11, 2011.