Feudal age (500-1500AD)
*static society & economy, few improvements, low economic growth
*low level of trade, few money transactions, self-sufficient
*rule of tradition and the church, dominant ethic: christian paternalism
*low urbanization, manors are centers of economic activity
*decentralized power, nation-states of little importance, power in hands of baron/lords, merchants not important
Mercantilist age (1500-1750AD)
*dynamic changes taking places, many innovations and inventions
*increased trade and exploration, increased use of money
*ruse of reason, rise of renaissance and reformation, dominant ethic: protestant ethic
*increased urbanization, towns replace manors
*power became centralized, increase in power of nation-states and power in kings/merchants