MGMT 1030 Lecture Notes - Lecture 4: Second Industrial Revolution, Franklin D. Roosevelt, U.S. Steel
24 Sep 2015
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Document Summary
Britain controlled shipping lanes: automobiles: introduction of mass production of cars increased their popularity/use (2. 5 million cars in. 6 7 per long ton than original 40: reduced cost allows use of steel for wider product range in products/appliances. Repealed because of rise of british empire, leading to desire to get most inexpensive materials by removing tariffs: repeal meant britain moved from colonial protection to free trade; allowed importation of less expensive food/raw material. Sought replacement goods by creating own industries or turning to american/japanese. British share of world cotton market and indian imports decline. Gold standard states that british pound can only be printed, if a pound of gold is possessed; abandonment meant government increased british currency in circulation to increase consumer spending despite inflation. Robber baron, jay gould exploited railway expansion by issuing 100 000 shares of new erie. Railroad stock, and then bribing legislators to legalize action; attempted to corner the gold.
