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MGMT 1030 Lecture Notes - Industrial Revolution, Second Industrial Revolution, Arrested Development (Season 4)

Course Code
MGMT 1030

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September 7, 2012
The Rise of Market Society in Europe
and the Industrial Revolutions in Britain
Industrialization machines used in production
emphasis on efficiency = mass production = profits
urbanization = consumerism
-people who live in urbanized areas cannot produce or create their own things these
people are forced to buy unlike self-supported country folk
The Three Industrial Revolutions General Features
1. First Industrial Revolution (1760 1840)
-led by Britain, followed by France, United States, and Germany several years later
-due to increases in agricultural activity, there was an increase in the development of new
transportation (iw. Canals, factory systems, rise of urban society)
-new items: steam engines, factory items (cotton textiles, ironware)
2. Second Industrial Revolution (1840 - 1940)
-led by United States, Britain, Germany several years later
-businesses started to move away from family owned & operated to commercial
-communication (telegraph) & transportation (railroads, internal combustion engine)
-development of modern corporate structure
-typical new products: steel, chemicals, automobiles, home appliances
3. Third Industrial Revolution (1950 present)
-led by the United States and Japan
-marked the rise of service economy, international financial and trade transactions,
introduction of computer
-focus on consumer electronics and pharmaceuticals
-political breakdown

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The Pre-Market Economy to 1700
1. Economic Society in the Middle Ages
a. The Manorial System
-breakdown of political structures in Europe forced creation of self-sufficient manorial
-serfs and peasants tied to land and owed service to manor lord in return for protection
-society based on custom and tradition no money for transactions
-self-sufficient society not much opportunity for businesses to form
b. Feudal Towns
-limited semblance of commercial life in towns
-no currency bartering system
-guilds rigorously controlled skilled artisans in towns to restrict competition and maintain
traditions and customs
-huge agricultural based community
-church is very powerful based on agriculture
-church and lord have most of land
-common pasture is crucial to all who have live stock to raise
important to entire community
c. Medieval Economic Thought
-Catholic church adopted negative attitude towards trade and
economic gain (interest on a loan)
-money lending & usury = parasitic activities
-the way people thought of their society affected industrialization
due to their tradition and culture
-easier for a camel to fit through the eye of a needle than a rich man to go to heaven
-money makers = sinful = hindered profits
-no sense that one could grow
-economic pie when one takes more, others have less
-live in a subsistent economy
enough for everyone, no profit
-subsistent economy/society basic necessities to survive only
2. Pre-requisites for a Shift Toward A Market Economy
a. A New Attitude Toward Economic Activity Required
-members of society need to be free of constraints and traditions to seek their own place in
-social values shaped the way people behaved
-church played HUGE role profit and growth was not desired
b. Monetization of Economic Life Required
-cash transactions need to be common at all levels of Society
-what cash did:
Bartering limited people, cash brought opportunity for transaction to become
efficient and affective not limited by time
Cannot industrialize without capital ultimate goal
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