HIS109Y1 Lecture Notes - Lecture 28: Louis Pasteur, Sewing Machine, Pasteurization

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19 Aug 2016
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Ibraheem Aziz Jan 25/2016
HIS109Y L0101 Lec 28
Capitalism, The Middle Class and the Poor
By 1850, infancy of industrialization was over
Raw materials could be moved around the world food was cheap and could be produced
locally, and famine ended around the world
Pasteurization by Louis Pasteur meant that dairy was available to all and could be kept for
substantial periods of time, and transported cheaply all over the place
Pasteurization ended tuberculosis and other diseases
Sewing machine allowed clothing production to increase by 25% in 10 years
New mining procedures and technologies allowed for deeper mines and allowed more base
metals to be brought to the surface worker safety was enforced
Coal production doubled in the 1850s in France; German coal production tripled in the same
decade
Low quality iron ore and scrap metal was used to produce railways and was cheaper for building
Steam ships were fast and cheap to operate Panama and Suez Canals were heavily used routes
and
10 million tonnes of freight carried in 1840 25 million tonnes carried in 1870
In 1850, 15 000 miles of rail in Europe in 1870, 78 000 miles of rail in Europe
Decisions had to be made regarding sizes and engineering of railroads
European economy was integrated by the railroad and this facilitated European trade easier
Standard gauge allowed railways to be uniform in length
Invention of steam brake allowed trains to be safer and standardized
Food was now available to cities all over the world
Introduction of limited liability meant that if the company went bankrupt, investors are only
responsible for their investment
Epasio of usiess euied oilizatio of apital i as that had’t ee thought of
before
Idea was to capture small investors with a little money versus a few investors with a lot of
money
Reasonable rates of return meant that it was a good time to invest in Europe
Banks for investment meant that the Credit Mobilière in France was created; this allowed
business investment for industries in a small and safe manner
Expansion of income and dividends for individual people made individuals better off
Businessmen and capitalists flourished in England; by the 1860s, brightest young men in
universities entered business
Rags to riches stories were common in Europe
Samuel Smiles’ Self Help was published in 1859 and reinforced the belief that any young man
could become a titan of industry and the upper-middle class
Idea of social mobility was something that everyone coveted and wanted
Society itself looked at social mobility as praiseworthy and as a moral obligation
Belief in social mobility indicated the meritocracy and usefulness of individuals in society
Weae othe’s soap ad leaig podut usiess eae a geat eaple of soial oilit
in England
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