The Premarket vs. The Market Economy: Preliminary Economics

There were certainly many factors that carried society away from the many pre-market economic methods that were applied in the Middle Ages. The premarket society was very antiquated; the economy stemmed from traditional values and methods, such as farming, slavery and the idea that "wealth tended to follow power" (21). You were born into a certain niche and life and your only job was the fulfill it; basically if you were born into the royal family you had money, you were set for life and if not, you basically had no shot. The market economy was very different from this in the sense that it encouraged a man to go out and earn a living for himself based on his own abilities; he could break from the traditional values that told him what he was supposed to do and actually follow the idea of the "self-made man". …