MGMT 1030 Lecture Notes - Lecture 4: New Class, Industrial Revolution, American Civil War

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20 Jul 2016
Ontario Industrializes Notes –
Merchants finding markets in Britain for grain and timber : unstable economic expansion
Population in semi-isolated farms; families produced goods they needed at home
Skilled artisans supplied imported goods; but had to rely on different occupations to survive
Poor transportation system; limited circulation of mass-produced goods & suffered from
unstable consumer demand
Shifting structures in the economy opened opportunities
Freer international trade caused export industries to fluctuate but demand for Upper
Canadian products grew in Britain and U.S.A
New class of merchant-capitalists assumed control
Large influx of immigrants which made farm land scarce
What stimulated the economy?
1. Growth of Trade in Natural Resources
Trade in resources from Upper Canada to Lower Canada and urban centres
Processing agriculture and forest products; expanding beyond ‘custom work’
Food-processing companies were born; sawmills provided a huge amount of jobs
2. Developing Transportation Sector
Initially with steamboats on lakes/rivers and new canals; end of 1840s into railways
Growing demand for steam engines and metal equipment
1860 – Railway companies operating two rolling mills in Toronto and Hamilton
3. Increasing Consumer Income
Commercially successful farms and growing towns were home to consumers with increasing
income – mainly on agricultural-implements industry
Farmers/City Dwellers wanted to buy boots, shoes, wagons, cloth, furniture, pianos
Economy was switching to a method known as “import substitution”
Industrialization Cycles
1. Till the economic collapse of 1857
Rise of saw, flour, textile mills, and railway shops
2. 1860-1873
Expansion of railways, stimulus from American Civil war
Emergence of specialized factories for shoes, stoves, newspapers, clothing
3. Late 1870’s to 1890’s
Resource export; especially lumber
New investment for the domestic consumer market
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