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Western University
History 2404E
Eli Nathans

Economic Change in Europe 18701914 An Overview January 10 Improvement in transport And communicationCanal building superseded by railwayCanals still had some importancePanama and Suez dramatically reduced costs of transporting goodsRailroad one of main drivers of industrial revolution had to produce coal and steelSteamshipTrips across the Atlantic became days rather than weeksMuch cheaperPlanes were invented during this timeNew ideas as wellTypewriter and telephone helped communicationPrice of paper dropped dramatically lead to mass pressMilitary InnovationsNavy replaced sailing vessels with steel boatsInvention of the machine altered how guns were loadedElectrificationDiscovered magnetic effect across wire created energyLed to refrigeration which effected shipment of goodsMeat from south America to USBusinessPreviously familybased partnershipsBorrowed money from each other they were personally liable New business needed far more capital than these smaller partnerships could raiseLed to creation of corporationsAllows people to borrow money without being personally liableGive money to corporation in return to shares in the companyAllowed for growth of much larger businesses than previousDevelopment of administrative structures within companies hierarchical structuresAlso led to cartelsCartels Agreements between large businesses to divide the marketEx Company A produces 40 of steel Company B produces 20Combine to prevent prices rising agrees not to compete against each otherBoth cartels would offer the same price wouldnt change unless the other didKept prices up wouldnt lower prices even if they could afford toThis divided markets on a local and global scale eventually became illegalUsed to fight labour organization o If workers striked at company A company B would not hire themUnited Kingdom 18501914Why was there less violent conflict in the UK than in most other areas of EuropeUK was a success storyPer capita income was the highest in EuropeCountry had not suffered major defeat in war since American RevolutionClearly admired by much of Europe Society was relatively satisfied with their lives those who werent emigrated many to US increasingly to European colonies o 5 of the population emigrated every decade providing stability to the countryWomens Suffrage After 1884 the majority of the adult male population could vote about 80By the 1860s Britain saw that many countries had granted universal suffrage France US GermanySaw that it was inevitable it would be to their advantage to make the public grateful to them by supporting the movementEven after suffrage was granted the two parties continued to dominate politics liberal and conservativeDomestic scene in UK more tranquil more willingness on the part of the elite to give power to others in society
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