MGMT 1030 Lecture Notes - Lecture 4: Industrial Revolution

• School: York University
• Department: Management
• Course: MGMT 1030
• Professor: Olga Kraminer

Document Summary

Merchants were finding markets in britain for small surpluses in grain and square timber. Majority of population lived and worked in semi-isolated farms, producing for themselves. Local artisans produced bread for the military and urban population. This economy was small and unstable: suffered from fluctuations in consumer demand. Increase in the transportation sector: went from steam boats to canals to eventually the railway system, started a spinoff effect for steam engines and other metal equipment, along with orders of machinery for new mills. First phase: rise of the first large saw, flour, and textile mills, railway shops, and expanded workshops in many industries. Second phase: (1860-1873)- manufactories proliferated across the province and the first more specialized factories emerged in industries producing such consumer goods as shoes, and furniture. Final phase: (1878- early 1890s) new investment was driven by production for the domestic consumer market.