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10 Nov 2010
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Chapter 1B. ppt / 1
Laurence, Hugh
MGTA03, Lec. 03
Introduction to Management II September 17th, 2009
o Business and Exchanges ยฑ the Economic System
o How do Markets Work?
o Competition and the Structure of Markets
o The Role of Government in the Market
Economic Systems
o Command Systems
o Hutterites
๎‚ƒ The most successful economic system in Western Canada
๎‚ƒ Planning exploits economic opportunities
๎‚ƒ People are assigned effectively to an economic activity and work hard
๎‚ƒ Equipment is used efficiently
๎‚ƒ Community is dedicated to efficiency to handle growth
o Market-based Systems
o Individuals, or groups recognized as legal persons, own the means of production
o Decisions are made based on perception of success in the marketplace
o Activity in markets, and the expectation of profits, becomes a key goal and the
key form of regulation
o Pure free market systems now rare
o Historical examples from 19th Century
๎‚ƒ Mines, mills and factories of England
๎‚ƒ Great capital empires of later ๎€”๎€›๎€“๎€“ยถV
o Gooderham and Worts
๎‚ƒ Came to Canada in 1832 with 5,000l.
๎‚ƒ Started a flour mill, as the family was in the milling business in England
๎‚ƒ Branched out into grain production, cattle feeding to vertically integrate
their activity
๎‚ƒ Then started a distillery as another outlet for the grain
o Gooderham & Worts
๎‚ƒ Invested in a railroad to carry in the grain
๎‚ƒ Invested in a sugar mill to refine raw sugar from the West Indies
๎‚ƒ Established the Bank of Toronto and London Savings and Loan Company
๎‚ƒ Established the Confederation Life Insurance Company
๎‚ƒ Only one of several such large family ventures
๎‚ƒ Massey-Harris, later Massey-Ferguson
๎‚ƒ Eatons
๎‚ƒ Flavelle and Canada Packers
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