Week 7 Essay Monitary
The nineteenth century is considered the beginning of modernity. The transition to modernity was the greatest change of the old order of society, which was primarily agrarian, to that of industrialization, urbanization, and migration. During this transition, the world observed a surge in technology, the study of science and economics. The concept of money found a new importance with the prelude to modernity. Before the nineteenth, society was primarily in a primitive economic system. During this time, people were not truly mindful of money and how important it was. Prior to the realization of the importance of money, society dealt primarily with trade. They used trade to earn according to need and it was thought that to earn more than what was necessary was to be sinful. People of this time also used trade to earn according to their desire. The Old Order primarily consisted of the Peasant, the Lord, the Cleric, the King and the Merchant. The peasants were the people who tilled the land and in return received payments of grain to sustain life. Kings, Lords and other nobleman owned the land and kept soldiers for security. The Cleric were not interested in money as much as they were interested in serving the Church, however this changed as they realized that many positive outcomes could be achieved with money. The merchant traded primarily for spices and precious metals but this soon changed with the realization that money provided for the flexibility to purchase what is needed instead of being limited to the options provided by trade. The New Order ushered labor market economics, capitalism that Adam Smith’s views. Adam Smith was a great economist who revolutionized the economic theory that helped define the importance of money and the understanding that everything has a price and can be purchase for a price. The New Order helped introduce the understanding that profit is realized only with money and that the concept of earning money is