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Lecture

Econ 2720 lecture notes complete.pdf

78 Pages
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Department
Economics
Course Code
ECON 2720
Professor
D.Johnson

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1Blackford Chapter 1 Political frameworks Great Britain unified nation began building empire late 1600s oversea empireNorth MericanBritish East India Co Germany Not unified several large German principalities Lack of unification impeded business development North America British colonies American revolution 1776 British business and gov had huge influence Japan Independent nation Bahuhan system like monarch Daimyolocal lordsowned allegiance to the monarch family and ruled provinces called han Didnt favour foreign tradeChina Preindustrial times was a united nation Ruled by dynasties Chinese merchants didnt fully develop many of the legal and financial institutions important of recon development The Economic setting these are the themes of industrial revolution they are better discussed n lec notes for each of the above countries All of the above countries were commercial economies not subsistence ones Elements characterized these commercial economies Commercial agriculture and regional specialization Food no longer grown for farm consumption Use of increased technology allowed for mass production of food along with new transportation to access markets Regional specializations of production occurred making each nation more efficient and productive and increasing standards of living Trade Regional specialization in trade Domestic commerce and foreign trade expanded rapidly China and Japan were different didnt like foreign trade wwwuofgexamnetworkcom 2Growth of cities Urbanization in all countries Significant areas of trade and commercialization London was THE city Politics Economics and SocietyAll played a really large role in how business developed Stabilization of all three increased living standards and growth Merchants British merchants oOverseas trade oJoint stock companies Muscovy Company first of its kind Received charters oPartnership agreements based on family ties oOverseas trade was less vital than domestic commerce which was 3x bigger oOriginally didnt have social status but this changed as merchants made money Colonial American merchants oBasically the same as the british merchant oExcept they had status from the beginning and was the bases of why America prospered oWere most important political leaders in America Tokugawa MerchantsoMerchant houses oGoverned by Daimyo oEx Mitsui oStatic view of society o4 HUGE businessesoBut smaller trade was still very important wwwuofgexamnetworkcom 3oVery different set up than british Chapter Two Blackford The Many Paths to IndustrializationIndustrialization fundamentally altered key business practices that the history of business can be divided into two basic time periods preindustrial business and industrial businessAlterations in the work process and ways of work machinery centralized labour at factories and workers became more specializedPolitical FrameworksGovernments removed barriers to economic growth and took action to stimulate economic activityGreat BritainStrong national government standard currency legal system system of taxation no internal barriers strong regional markets and a national marketBubble Act of 1720 outlawed many joint stock companies new limited liability laws that passed in 1856 and 1862 reversed the Bubble ActFamily business remained very importantUnited StatesDeclaration of Independence in 1776 and the American Revolution their situation changed abruptlyColonies no longer part of the British empire and now as states they had to devise a national governmentNational government was weak there was no president or feudal court system could not levy taxes regulate trade or deal with general warfare problemsMerchants wanted a stronger national government to regulate trade between states settle land disputes help expand overseas trade and supported building a NavyCreated a constitution to provide all thisJapan and ChinaDecentralized military government some sense of unity no modern government change towards industrialization came from outside sourcesIn 1854 two ports were opened to trade however this forced opening of their country troubled many Japanese peopleWanted to rid their land of foreigners and build up their economic and military might new slogan became rich country strong armyUniversal military service national army formed government under prime minister came to be modernized civil service constitution promulgatedwwwuofgexamnetworkcom
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