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ECON-2720 notes.pdf

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University of Guelph
ECON 2720
Eveline Adomait

3 o Very different set up than british Chapter Two –Blackford –The Many Paths to Industrialization • Industrialization fundamentally altered key business practices that the history of business can be divided into two basic time periods: preindustrial business, and industrial business • Alterations in the work process and ways of work: machinery, centralized labour at factories, and workers became more specialized Political Frameworks • Governments removed barriers to economic growth, and took action to stimulate economic activity Great Britain • Strong national government, standard currency, legal system, system of taxation, no internal barriers, strong regional markets, and a national market • Bubble Act of 1720 outlawed many joint stock companies, new limited liability laws that passed in 1856 and 1862 reversed the Bubble Act • Family business remained very important United States • Declaration of Independence in 1776 and the American Revolution their situation changed abruptly • Colonies no longer part of the British empire, and now as states they had to devise a national government • National government was weak, there was no president or feudal court system, could not levy taxes, regulate trade, or deal with general warfare problems • Merchants wanted a stronger national government to regulate trade between states, settle land disputes, help expand overseas trade, and supported building a Navy • Created a constitution to provide all this Japan and China • Decentralized military government, some sense of unity, no modern government, change towards industrialization came from outside sources • In 1854 two ports were opened to trade, however, this forced opening of their country troubled many Japanese people • Wanted to rid their land of foreigners and build up their economic and military might; new slogan became “rich country, strong army” • Universal military service, national army formed, government under prime minister came to be, modernized civil service, constitution promulgated
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