History
The ancient economy was mainly based on subsistence farming. For most people the exchange of goods occurred through social relationships. There were also traders who bartered in the marketplaces.They developed the first known codified legal and administrative systems, complete with courts, jails, and government records.Several centuries after the invention of cuneiform, the use of writing expanded beyond debt/payment certificates and inventory lists to be applied for the first time, about 2600 BC, to messages and mail delivery, history, legend, mathematics, and astronomical records.In Medieval times, what we now call economy was not far from the subsistence level. Most exchange occurred within social groups.
The European captures became branches of the European states, the so-called "colonies". The rising nation-states Spain, Portugal, France, Great Britain, and the Netherlands tried to control the trade through custom duties and taxes in order to protect their national economy. Mercantilism 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 (1723-1790). He defined the elements of a national economy: products are offered at a natural price generated by the use of competition - supply and demand - and the division of labour.
Opinion
I was interested to read about history of economy and capitalism. and how it works was also interesting. But I want to know more about socialism.
Question
I think GDP can show about people's material happiness but can't show about people's spirital hapiness. People who earn lots of money can be a unhappy people.
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