Evolution of Business and Market from edX

Each week is discussed in detail covering topics as diverse as the persistence of merchant guilds in medieval Europe, the historical emergence of the modern impersonal markets, and their promised benefits in comparison to traditional systems of business and the influence of pre-colonial institutions on development in Africa and Asia.

The course also deals with how businesses could overcome frictions of information asymmetry and moral hazards. We first explore the role of networks and hierarchy in shaping traditional and modern business, and then discuss the historical evolution of the firm, from individual merchants and guilds to large multinational corporations. We discuss the importance and limits of formal institutions, the role of trust and cosmopolitan culture, and the impact of communication, transport and mass-media technologies.

What you'll learn

The course is designed with the following specific objectives and learning outcomes:

Learn the role of a dense network of relationships in Traditional Business.
Understand the formalization of business over time from craft guilds to formal markets.
Describe how the social structure of a society affects the growth of the market.
Explain a historical perspective of how markets evolve.
Analyse various policies of business and market; role of institutions, cultural ingredients, and technology in the development process.
Study of the economy focusing exclusively on India.

What's inside

Learning objectives

Learn the role of a dense network of relationships in traditional business.
Understand the formalization of business over time from craft guilds to formal markets.
Describe how the social structure of a society affects the growth of the market.

Explain a historical perspective of how markets evolve.
Analyse various policies of business and market; role of institutions, cultural ingredients, and technology in the development process.
Study of the economy focusing exclusively on india.

Learn the role of a dense network of relationships in traditional business.
Understand the formalization of business over time from craft guilds to formal markets.
Describe how the social structure of a society affects the growth of the market.
Explain a historical perspective of how markets evolve.
Analyse various policies of business and market; role of institutions, cultural ingredients, and technology in the development process.
Study of the economy focusing exclusively on india.

Syllabus

Week 0: Welcome to the Course

Week 1 : Evolution of Business

Week 2 : Transformation of Business

Week 3 : Evolution of Markets

Week 4 : Democratized Markets

Week 5 : Forces of Evolution

Week 6 : India as a Case

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Introduces learners to core topics of business, economics, and economic development

Appropriate for those with a background in social science, economics, and history

Taught by instructors who are recognized for their work in the field of economics and business

Examines the history of business and economics, providing a foundation for understanding contemporary business practices and economic policies

Offers an analysis of business frameworks, institutions, and social systems to provide context to modern business strategy

In-depth analyses of the transformation of markets, industries, and institutions, which can develop strategic thinking for learners

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Evolution of Business and Market with these activities:

Review basic accounting principles

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Ensure a solid foundation in accounting principles to support your understanding of business and financial concepts.

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Review the basic accounting equation (Assets = Liabilities + Equity).
Understand the different types of financial statements (balance sheet, income statement, cash flow statement).
Practice creating simple journal entries.
Analyze financial statements to assess a company's financial performance.

Read Sapiens: A Brief History of Humankind

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Gain a broad perspective on the evolution of human societies and the development of markets from a historical standpoint.

View Nexus: A Brief History of Information Networks... on Amazon

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Read the introduction and first chapter.
Summarize the main arguments presented in the book.
Identify the key historical events that shaped human evolution and the development of societies.

Read The Evolution of Business: A Historical Perspective

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Build a stronger understanding of the historical development of business and markets by reading this text.

View Melania on Amazon

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Read the introduction and first chapter.
Summarize the main arguments presented in the book.
Identify the key historical events that shaped the evolution of business.

Five other activities

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Solve practice problems on business ethics

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Strengthen your understanding of ethical principles and their application in business situations through practice.

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Review the ethical principles discussed in the course.
Identify the ethical issues presented in each practice problem.
Apply the ethical principles to analyze the problems.
Develop reasoned and defensible solutions.

Follow tutorials on using data analysis software

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Enhance your data analysis skills by following guided tutorials that provide step-by-step instructions.

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Identify the data analysis software that aligns with your learning goals.
Find reputable tutorials that cover the fundamentals of the software.
Follow the tutorials diligently, completing all exercises and assignments.
Practice applying the software to real-world data sets.

Join a study group to discuss course concepts

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Deepen your understanding of the course material by engaging in discussions with peers.

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Find a study group or create your own with classmates.
Meet regularly to discuss the assigned readings and topics.
Engage in active listening, ask questions, and share your insights.
Collaborate on assignments and projects to enhance your learning.

Write a blog post on the role of networks in business

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Expand your understanding of the importance of networks in the business context by creating your own content.

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Research the topic and gather information from reliable sources.
Outline the key points you want to cover.
Write the first draft of your blog post.
Edit and revise your post for clarity and accuracy.

Develop a marketing plan for a new business

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Put your knowledge of business and marketing into practice by creating a comprehensive plan for a hypothetical new enterprise.

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Conduct market research to identify your target audience and their needs.
Develop a marketing strategy that outlines your goals, objectives, and tactics.
Create a financial plan that outlines your budget and revenue projections.
Write an executive summary that summarizes your plan and its key findings.

Career center

Learners who complete Evolution of Business and Market will develop knowledge and skills that may be useful to these careers:

Historian

A Historian researches and writes about the past. Those specializing in economic history may find this course useful for gaining a deeper understanding of how markets have evolved over time.

See salaries and explore the career path for Historian

Entrepreneur

An Entrepreneur starts and runs a business. This course may be useful for Entrepreneurs who want to gain a deeper understanding of how markets evolve and how to develop and launch a successful business.

See salaries and explore the career path for Entrepreneur

Nonprofit Manager

A Nonprofit Manager oversees the operations of a nonprofit organization. This course may be useful for Nonprofit Managers who want to gain a deeper understanding of how markets evolve and how to manage a nonprofit organization effectively.

See salaries and explore the career path for Nonprofit Manager

Policy Analyst

A Policy Analyst researches and analyzes public policy issues and makes recommendations to policymakers. This course may be useful for Policy Analysts who work on economic policy, as it can provide a deeper understanding of how markets evolve and how to analyze and evaluate public policy options.

See salaries and explore the career path for Policy Analyst

Government Official

A Government Official works for a government agency and is responsible for developing and implementing public policy. This course may be useful for Government Officials who work on economic policy, as it can provide a deeper understanding of how markets evolve and how to develop and implement effective policies.

See salaries and explore the career path for Government Official

Lawyer

A Lawyer advises clients on legal issues and represents them in court. This course may be useful for Lawyers who specialize in business law, as it can provide a deeper understanding of how markets evolve and how to advise clients on legal issues related to business and finance.

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Journalist

A Journalist researches, writes, and reports on news and current events. This course may be useful for Journalists who want to gain a deeper understanding of how markets evolve and how to report on business and economic issues.

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Professor

A Professor teaches and conducts research in a university or college setting. This course may be useful for Professors who want to gain a deeper understanding of how markets evolve and how to teach this topic to students.

See salaries and explore the career path for Professor

Economist

An Economist studies the economy and provides advice on economic policy. This course may be useful for Economists who want to gain a deeper understanding of how markets evolve and how to analyze and forecast economic trends.

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Investment Banker

An Investment Banker provides financial advice to corporations and governments on mergers and acquisitions, public offerings, and other capital-raising transactions. This course may be useful for Investment Bankers who want to gain a deeper understanding of how markets evolve and how to structure and negotiate complex financial transactions.

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Financial Analyst

A Financial Analyst researches and analyzes financial data to make recommendations on investments and business decisions. This course may be useful for Financial Analysts who want to gain a deeper understanding of how markets evolve and how to make sound investment decisions.

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Consultant

A Consultant provides professional advice to businesses and organizations on a variety of topics. This course may be useful for Consultants who want to expand their knowledge of business and market evolution to provide a more comprehensive service to clients.

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Business Analyst

A Business Analyst identifies opportunities to improve business processes and implements solutions. This course may be useful in providing the necessary knowledge to understand business concepts and how to analyze and improve business strategies.

See salaries and explore the career path for Business Analyst

Marketing Manager

A Marketing Manager plans and executes marketing campaigns to promote products or services. This course may be useful in providing the necessary knowledge to understand marketing concepts and how to develop and implement effective campaigns.

See salaries and explore the career path for Marketing Manager

Market Research Analyst

A Market Research Analyst designs, conducts and interprets marketing research studies to help marketing managers understand market trends. This course may be useful in providing the necessary knowledge to understand marketing concepts and how to research the effectiveness of different strategies and campaigns.

See salaries and explore the career path for Market Research Analyst