Class Notes (810,414)
Canada (494,121)
History (3,204)
HIS109Y1 (520)

[19] Captialism.doc

4 Pages
Unlock Document

University of Toronto St. George
Kenneth Bartlett

January 24, 2010 Capitalism, the Middle Class and the Poor - Industrialization shaped Europe as we know it - Created new classes which hand’t ben in existence before - Created new cities -- urbanization rather than rural life - New services, transport like trains - New ideas - “-isms” - Most observers thought change was good - positive step in human progress - Conservatives and romantics = minority - Most of europe realized they were better off than they had been before - All but the very poorest thought life was better - High cost in human msery - early factories, system of gov’t, medicine -- not prepared for rapid- th ity of change in first 1/2 of 19 c. - N. Europe - part cause, part effect - Industries were capital-intensive - Capital was needed more than anthing -- you had to build factories, transport raw materials, transport water - Machinery + transport = very expensive - Necessary for early entrepresuer to invest in everything, reinvest ==> more and more captital - Insecurities of industries = huge failures and drain capital (wasted opportunity) - Up until mid-19 c. - CAPITAL was the focus - New means of organization confounded even most optimistic - 3/4 quarter of 19 c. - industrial production, trade, finance = huge growth - Agriculture even flourished (because of new technology, phosphorus) -- health increased, popu- lation increased - Agricultural revolution spread around the world - export of grain to Europe --> famine was al- most entirely eliminated (finally they can feed almost all its population) - New inventions changed diet and health - - Louis Pasteur’s pasteurization of dairy (high protein; even poor could eat well) - Manufacturing continued to expand - so revolutionary - Sewing machine (1850s) - per unit cost of clothing dropped 25%, production increased --> cheap clothing available to people and poor could dress well (thus, creating fashion; style could change every year) - More profits made, more people could participate - New mining techniques - better ventilation (miners safer), could go deeper - Steel production - quality of steel increased --> you need good, high-quality steel for the rail- road - Even scrap metal could be reused to make railways able to be built cheaper and longer - Compound steam engine - steam ships reliable and cheaper to operate --> transport food from Argentina, or U.S. quickly to Europe so the food doesn’t spoil (don’t rely on the wind --> reli- able transportation to long distances) - To get to India etc - rather than go all the way aroundAfrica, dig a canal across Mediterranean to shorten distance (Suez Canal) - Increase in size of ships = carry more material across farther distances - Steel rail, standardized gauge (same distance between tracks) - so you can travel into different countries on the same track - Movement of goods by train revoltionized everything - cost of raw material declined, cost of traelling country delvined - Price of food fell - people could move food around contintent cheaply and easily - Limited liability country - people lost whole investment if you failed --> spread loss or profit - People risked more because there was more return -- become part of the economy, new woerl, investors, creators - To manage huge amounts of capital - whole new industries in banking had to emerge - Credie Mobiller = french banking comany - Better rate of return - Could expand quickly - Entrepreneurs given cash - want to show it will work - Europe seemed destined to grow, more people would enjoy fruits of industry and economy - Capitalist, businessman, soul of bourgeoisie = “hero” of the time - Boys in universities - not only studied literature, but also studied business, economics - Acceptable to talk about money at dinner parties - Those at bottom of scale (lower-middle class) = became rags-to-riches stories - Samuel Smiles, Self Help, 1859 - Stock boy who goes to the boss with a bright idea, works his way up until he becomes the cap- tain of industry - These stories became popular literature, almost how-to books --> they believed they could be this, could do anythin
More Less

Related notes for HIS109Y1

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.