Lectures 2010-2011 minus 3 lectures

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Lecture 1: Week.2 September 20, 2010
INDUSTRIAL REVOLUTION & ITS PRECURSORS
1*
•The period from 1300-1900’s mainly Europe was futile to the market economy
•There was no innovation specific to economy
•Command, central planning, bureaucratic decisions, production, distribution or any
organization similar to the Soviet 5yr plan was absent/missing
•Market a major precursor to the industrial revolution
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•Elimination of hierarchical relation, social obligation to dependency upon one another
•At the time;
1. Labor not a commodity
2. Land not a commodity
3. Property not a commodity
•Serfs were not able to sell, exchange labor. Land was where people live but they
couldn’t sell it; was not a source of wealth
•Wealth was not invested or turned into capital, was only spent on jewels and spices
3* A change in all of the above ways of life led to a market system
•Enclosures were cut out i.e. Privatization of common land transforming open fields
into private property
•Lords enclosed land by force with the backing of governments
4* 1801 brought the General Enclosures Act
•The government passes the laws and plays an instrumental role
•Other affects of privatization include:
1. Problem with Surplus
2. Increased productivity of land because of privatization
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3. Inventions; steam engine, ploughs etc.
4. Selective breeding
5* Agricultural Revolution – a precondition to the Industrial Revolution
•More food production
•Enclosures forced people off their land into the labor force meaning serfs can no
longer use the land
•People are free and forced to create a labor force
•Surplus production of food
•This surplus use to feed the labor force (previously serfs who ate what they grew)
** The industrial revolution would not have been possible without the agricultural
revolution
6* INDUSTRIAL REVOLUTION
•Physical and geographical transformation of Britain in the Industrial revolution
•Before 1760 textiles produced in homes by women and children
•Inventions created for better outputs in textiles, leading to factory invention
•One small invention leads to another, and in a short period of time machines spread
through all areas
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•Invenions could be patented legally and protected by the government, hence a new
method of money making for inventors, investors,venture capitalists
•Machines in fac tories, production in small mills
•Factories and mills by the water had no regulation, they employed women and
children that worked under dangerous health and safety conditions
8* MANCHESTER –Worlds first industrial city
•Britain was rich in coal
•The movement of coal was established purely by muscle work, mostly women and
children, also using ponies and carts to wheel out the materials
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•From 1800-1829 2.5 -15 million tons of coal was extracted
9* INVENTION OF THE STEAM ENGINE
•After the fact, mines could be dug deeper because the engine could extract water
•WATT’S rotary steam engine invented by John Wilkinson
•Power produced by the steam engine was used in all industries i.e. iron, textile, coal
and railroad.
Improvements in the iron industry due to steam engine invention:-
•Steam engine assisted smealting iron therefore producing more to construct the
railroad, bridges and advancing transportation
•Movement of raw materials, food and other goods to generate a market
1. Transport raw material centers of production
2. Transport food centers of production
3. Transport good to non-local markets
LONDON:-
•Canals and rivers used for transport between industrial districts, backed by merchants
who would use these canals
•Made transfers cheaper and faster than using horses moving goods by land
•The first railtracks used in trmaways in mines
•200 miles of tramways and carts being pulled by carts, previously by women
•Stephenson’s Rocket moved 30 miles/hr. By 1852 there were 3500miles of rail lines
CAPITAL:-
•Before the industrial revolution land was wealth
•Now there are inventions of machines and engines
•The investors and venture capitalists played a huge role in providing capital;both long
term and short term
•Long term Capital included Mortgaging and profits back to production
•Short term problem: the supplier of Raw Materials. The producers of raw materials
wait till supplier pays. The system didn’t function too well
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