ILRLR 1845 Lecture Notes - Lecture 12: Finance Capitalism, List Of Steel Producers, Capital Good

• School: Cornell University
• Department: ILR Labor Relations, Law and History
• Course: ILRLR 1845

Document Summary

Hit its most intensive and transformative phase in the 1880s. Continued to have several more technological innovations for decades. Linked hinterlands and cities into a cohesive system of consumption, production, and distribution. Emergence of fossil fuels main driver of profit. Capital goods defined as what they were not. Steel producers entered market simultaneously benefit from raw product and from investment. Money capitalism - fractional banking, intermediated profit and exchange. Money capitalism - outmoded in comparison to new business practices. Referred to central place of capital itself in industrialization. Industrial revolution: process by which pattern of investment shifted into intermediate capital goods that created new economic options. Shift led to more productive capital in hands of l. People who owned intermediate factors of production, capital goods then wealth would flow down. Defined by ecnomists self sustained increase in per capita income growth over time. Productive rural landscapes intimately bound in process of industrialization. Modern economic growth impossible without fossil fuels coal****