The Roman Empire: The Concept Of Competition

In this lecture that I just heard, their was 6 main points that stood out to me. One of them was the concept of competition. This stood out to me because of how many positives that competition can drive out. Competition makes firms create highest quality product at the lowest possible price. Competition also brings out innovation, it makes companies search for the next best thing. The next topic is imitation of products. There's positives and negatives to imitation, positives are that is makes more of that product so more people can buy it and also brings the price down because it creates more competition for that product. Imitation of product also brings down the profit of entrepreneurs and level out the profit throughout the population. The third …show more content…
Finally he believed that the government should create public ways of transportation, and create a good educational system so that people in less privileged situation can use the educational system to make something out of themselves and either make innovations, or start a business themselves which would help the economy because it would create more productivity. The fourth topic is how capitalism is created through change. One of the first conflicts that sparked change is in the Roman Empire where it was a patrician- slaves system. This was eventually brought down by the slaves creating an uprising and foreign invaders attacking them. Feudalism was also a big system brought down through need of change. Feudalism was a lord-serf system, eventually the peasants in this system rose up together and brought down the power of the church. The final system that eventually led to capitalism was Mercantilism which was the belief that the merchants who was doing all the trading and commercialism. Eventually capitalist took down the merchants which eventually led to the laissez faire