What is history?

o Etc

Ladislao Diwa as founder of Katipunan. Summa Theologica, Part II-II Q77: BY SINS COMMITTED IN BUYING AND SELLING

Introduction Determinants of Exchange (subjective): value of goods, wants/needs,

supply and demand
We behave because of the belief in the afterlife, wherein rewards
What is the just price/fair value?
wouldnt be received now.
Roman Period: concern about the characteristics of the good [300817]
state/ruler/citizens.
Mercantilism
o Fall of Rome in the Dark Ages because they were attacked by the
invaders in the North. Most economists during this time are traders and etc. unlike economic
During the Middle/Dark ages, theres not much advances in the sciences thinkers during the medieval and renaissance period
During the Medieval Period: Palace of the Feudal Lord and the Church
Money as the source of wealth but how do we accumulate it?
o Bolonia, one of the big cities
o Medieval technologies: 3-crop rotating system Bullionism
o Colonizing land rich with resources (e.g. precious metal)
Historical Context
Midas fallacy: accumulation of gold/silver
Feudalism: there were no market for land o Ended towards 18th century (European context)
Most people were illiterate, there was a monopoly of the church and How then could a nation continue in the accumulation of
nobility. Books were expensive. So mistakes were replicated. wealth?
Emergence of life outside feudal
Economies approach mercantilism = favorable balance of trae
Technological advances
Inflation kicked in = people started questioning the role of money in the
Lead to an increase in productivity and trade economy
Dilemma: How should Christians behave at a time of expanding
Encourage exports: gold flow in the country
commercial activities?
o Be kind to your neighbor Discourage imports
o Reconciled through: St. Thomas Aquinas, Summa Theologica
Antonio Serra
St. Thomas Aquinas and Scholasticism
How could a nation be wealthy if it has no colony?
Thomist synthesis: Society, like the universe, is an integrated system in o Solution: have more exports if no colonies
which God, nature and man has its due place. o Accompanied by the concept of balance of trade
How should Christians behave at a time of expanding commercial
Schumpeter
activities?
o Aristotle: Post a question, examine it as an audience/ like Happened that time: Capitalism w/ feudal base
debate. Country can only gain at the expense of the other: Zero-sum gain,
3 orders
o Divine Law
o Natural law