ECON-2006EG Study Guide - Quiz Guide: Fordism, Hierarchical Routing, Diminishing Returns

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Second industrial revolution: many writers stress the diffusion of a number of innovations of the second industrial. Included the internal combustion engine and electricity: electric power: transformed mechanical processes of production, new form of urban transport, and revolutionized metals and chemicals production. Investment in manufacturing substantial enough to exploit economies of scale and scope, and vertical integration. Investment in a national and international marketing and distribution network. Investment in a managerial hierarchy => increased separation of ownership from management: me had the scale and resources to finance, coordinate and implement r&d. A key industry to illustrate these developments is motor vehicles: ford and gm became the two largest automobile producers within a decade of the commercialisation of automobiles. 1: ford gained first-mover advantages by following the tripartite investment strategy included its revolutionary mass production facilities. Gm followed: these patterns extended beyond the automobile industry notably in chemicals and primary metals.

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