Study Guides (238,499)
Canada (115,175)
History (142)
HST 211 (20)

HST 211 Final: Week 6, Class 1

3 Pages
Unlock Document

Ryerson University
HST 211
Martin Greig

Week 6, Class 1 Tuesday, Feb 28, 2017 2) Financial Revolution 3) Sell shares - 18th century became huge - London exchange created in 1571 - To exchange shares - East India Company - the 1st Limited Liability Company - That means you are limited to how much you loss for a company's debts - For eg. incest $100, company goes down and therefore only loss that $100, no creditors will go after you - This is good to get more shares bought since there is less risk for shareholders 3) Revolution in Demand - GB’s population like that of France and other Western Euopean nations, ws growing quite fast - GB increase standard of living in the world - GB had also acquired a sizeable, and growing empire to trade - Britain’s substantial merchant marine shipped products far and wide - Even American colonies remained remained a valuable trading relationships - This all brings incentive to change the mode of production - Before everything was custom made and was good since pop was low - But as the population increased and people were greedy and wanted more money they wanted to figure out a way to produce more, faster - Which leads to the last revolution of tech - What was the highest in demand was silk and fabrics (textiles): Created by wool and then by cotton - Before each was done by hand - Cutting the wool - Carving the wool - Stitching the wool - Spinning the wool to thread - Use that thread to make fabrics - Each of these steps would be done at home and done by a different person - This was known as “cottage industry” or “putting out system” - Not payed by how long you work but by how much you make 4) Technology industry - Came first in textile industry - First innovation was John Kay’s “flying shuttle” of 1733 to speed up weaving process - 1765 - James Hang _______ invented “spinning Jenney” - 1769 - Richard Arkwright invented the “water frame” - Along with other improvement the Spinning Jenney could now produce as much thread as 200 hand spinners - 1785 - Richard Cartwright invented the “Power Loon” - First these machines were borrowed by hand or water but in 1780’s new mode of power was found - “the steam engine” - In 1700, 100 lbs of cotton took 50 000 worker hours to make into cloth but in 1825 it took only 135 working hours - Now these new machines are too big and
More Less

Related notes for HST 211

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.