MGMT 1030 Lecture Notes - Lecture 1: Spinning Jenny, Landed Nobility, Bessemer Process

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20 Jul 2016
Department
Course
Professor
The Rise of Market Society in Europe
and the Industrial Revolutions in
Britain
MGMT 1030
Schulich School of Business
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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
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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
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