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Lecture 1--The British Industrial Revolutions.doc

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MGMT 1030
Daniel Thompson

The Rise of Market Society in Europe and the Industrial Revolutions in Britain MGMT 1030 Schulich School of Business The Three Industrial Revolutions-General Features 1)First Industrial Revolution (1760s to 1840s)  Led by Britain, with the United States, France, and Germany following several decades later  Marked by increases in agricultural productivity, the development of new transportation methods such as canals, the rise of urban society, and the growth of the factory system  Typical new products were steam engines and factory-produced items such as cotton textiles and ironware 2)Second Industrial Revolution (1840s to 1940s)  Led by the United States, Britain, and Germany  Marked by communication and transportation revolutions, the development of the telegraph, railroads, and the internal combustion engine, and the development of the modern corporate structure  Typical new products were steel, chemicals, and a wide array of consumer goods such as automobiles and home appliances 3)Third Industrial Revolution (1950s to present)  Led by the United States and Japan  Marked by the rise of the service economy, international financial and trade transactions, and the introduction of the computer  Typical new products were consumer electronics and a wide array of pharmaceuticals The Pre-Market Economy to 1700 1)Economic Society in the European Middle Ages A)The Manorial System  Breakdown of political structures in Europe forced the creation of self- sufficient manorial estates  Serfs and peasants tied to land and owed service to manor lord in return for protection  Feudal society based on tradition and custom with an absence of money transactions 2)Prerequisites of Change toward a Market Society A)A New Attitude toward Economic Activity is Required  Members of society need to be free of constraints and traditions to seek their own place in society B)Monetization of Economic Life Required  Cash transactions need to be common at all levels of society C)Pressures of Market Demand Dictate the Regulation of Economic Tasks in Society  Market orientation must replace tradition and custom to determine production and distribution of goods in a society Why Did Britain Industrialize First? 1)Political Stability and Territorial Integrity  Unlike other areas of Europe, Britain had emerged as a stable political entity by the end of the seventeenth century  English Civil War (1642-1648) and Glorious Revolution (1688) enabled a strong Parliament dominated by economic interests to largely control the government 2)The Enclosure Movement  Began in England in the thirteenth century  Landed nobility began to enclose common fields for productive purposes  Eventual expropriation of peasant plots and creation of a landless workforce  Labour became a “factor of production” 3)Population Growth  Increase from 6.5 million to 11 million from 1700 to 1801  Decline in infant mortality and increase in fertility 4)Domestic Industry  Prevalence of domestic industry in households  Contract labour and putting-out system  Highly competitive environment 5)Early Technological Change  Newcomen Steam Engine (1712)  Use of coke instead of charcoal to refine iron ore  Early factories  Lombe textile factory at Derby (1721) The First Industrial Revolution (1760s to 1830s) 1)Agricultural Improvements  Open field system had been inefficient and non-scientific  Rising pri
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