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During the Ancient Period, according to Plato money is used as a medium of exchange for buying goods and services.

During his time people were using precious stones like silver, gold etc. Plato also proposed the equal distribution of opportunities to everyone. He was against by the practice of usury due to social status on his time. According to him, the rich comes richer and the poor becomes poorer. Aristotle has a main concert was to outline how one could live a moderate and virtuous life in harmony with the interest of society. His contributions are the importance of fairness in exchange, Monopoly, Use value and exchange value. In the medieval period, there is Thomas Aquinas known as the one of the most influential thinkers of Middle Ages. His contributions talks about lending and interest. In the classic Period, Adam Smith - published An inquiry into the Nature and Causes of the Wealth of Nations Contributions: Mercantilism, Capitalism, Laissez Faire, Emergence of Capitalism, Free Trade ,Liberalism, Nation Wealth Individualism, Subsistence Theory of Wages, Taxation Jean Baptiste Say proposed Says Law which tells there cannot be overproduction of good in

general for a very long time because those who produce the goods, by their act of producing, produce the purchasing power to but other goods.

In Neo Classical Period, Alfred Marshall contributes the Principle of Economics and Capital Karl Marx also has his theory of economic development based on the premise of evolving economic systems. Based on Marxs scheme, feudalism was replaced by capitalism. Feudal Society was the predominant economic system in Europe about the 8th to the 15th century. Feudalism is an economic system in which traditions rule. There was no

central government and no unified system of law. Most individuals lived in walled manors belonging to the manor lord. Although the lord provided protection, tradition ruled the manor more than the lord did. By dictating who did what, tradition prevented individuals from being employed at what they did best. From Feudalism to Mercantilism Traders and merchants became more wealthy than feudal lords. They threw their support to the king, enabling the king to expand his power over the lords. Power shifted from the manors to cities and towns. The government became an active influence on economic decision making. Industrialists competed with the guilds to change the existing system. The Need for Coordination in an Economy Industrialists supported and financed democratic reform movements limiting the power of kings. Craftsmen argued that government needed to coordinate economic activity. The Industrial Revolution

Beginning about 1750, technology and machines rapidly modernized industrial production.Mass produced goods replaced handmade goods. Marxs Analysis is the best-known critic of capitalism was Karl Marx. Marx argued that workers would revolt and that capitalism would be replaced by a socialist economic system. From Feudalism to Socialism capitalism did not evolve into socialism as Marx predicted it would. Socialism took root instead in feudalist Russia, a society largely bypassed by the Industrial Revolution. Russian socialists created state socialism. Central planning agencies were created to coordinate economic activities.