HISTORY 1DD3 Lecture Notes - Lecture 14: 8 Man, Industrial Revolution, Samuel Cunard
11 Oct 2016
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History 1dd3- first industrial revolution and the development of. Soon trains travelling at thirty to fifty miles an hour were not uncommon, and freight steadily became more important than passengers. I(cid:374) b(cid:396)itai(cid:374), (cid:396)ail(cid:396)oads (cid:395)ui(cid:272)kly (cid:271)e(cid:272)a(cid:373)e a p(cid:396)io(cid:396)ity e(cid:374)te(cid:396)p(cid:396)ise a(cid:374)d (cid:271)y the (cid:1005)8(cid:1010)(cid:1004)(cid:859)s a (cid:448)ast railroad network had been established. Government assistance was necessary to make this happen, as in many cases, the land for rail rights of way generally had to be expropriated from property owners by government legislation. The railroads were also so expensive to build that they required major companies to be formed, fundamentally reshaping the nature of business culture. P(cid:396)io(cid:396) to the (cid:1005)8(cid:1006)(cid:1004)(cid:859)s, (cid:373)ost industry in britain was run by family firms or small joint-stock companies. However, the capital needed to finance large-scale projects like railroads was beyond the means of even the wealthiest families. The way around this limitation was selling of shares, whereby investors pooled their resources in larger joint stock companies.
