SOC 2000 Lecture Notes - Lecture 16: Gini Coefficient, Labour Power, Islamic Golden Age
Document Summary
Economy refers to the ways that people use their environment to meet their material needs. Entails production, exchange, distribution, and consumption of goods and services of the area. Given economy is the end result of a process that involves its technological evolution. As long as people have been making goods and services there has been some kind of an economy. Lydians were the first people to introduce the use of gold and silver coin. Cuneiform, first type of writing, expanded to inventory lists/certifcates. Tradi(cid:374)g esta(cid:271)lish(cid:373)e(cid:374)ts (cid:272)reated i(cid:374) the (cid:862)(cid:374)e(cid:449) (cid:449)orld(cid:863) after i(cid:374)(cid:448)asio(cid:374) of a(cid:373)eri(cid:272)as (cid:271)y europea(cid:374) countries. Mercantalis was a first approach to intermediate between private wealth and public interest. The first economist in the true meaning of the word was the scotsman adam smith. Capitalism is an economic and social system in which capital and non labor factors of production are largely privately controlled.
