History 2404E Lecture : Lecture Notes.docx
15 Apr 2012
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Document Summary
Panama and suez dramatically reduced costs of transporting goods. Railroad one of main drivers of industrial revolution (had to produce coal and steel) Trips across the atlantic became days rather than weeks. Price of paper dropped dramatically (lead to mass press) Navy replaced sailing vessels with steel boats. Invention of the machine, altered how guns were loaded. Discovered magnetic effect across wire created energy. Led to refrigeration which effected shipment of goods. Borrowed money from each other, they were personally liable. New business needed far more capital than these smaller partnerships could raise. Allows people to borrow money without being personally liable. Give money to corporation in return to shares in the company. Allowed for growth of much larger businesses than previous. Development of administrative structures within companies (hierarchical structures) Cartels: agreements between large businesses to divide the market. Company a produces 40% of steel, company b produces 20%
