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MGMT 1030 (Business History): Final Exam - Summaries for Readings in CourseKit

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MGMT 1030
Andrew Thomson

1 Outline of James Fulchers What is CapitalismFulcher defines capitalism as the investment of money or resources by individuals or business entities in the expectation of making a profit and examines three types of capitalism that have emerged over the past four centuries1Merchant CapitalismoEast India Company used as the example with the first Company voyage in 1601oHighly unstable trade in Indian spices with voyages either ending in disaster or returning with a fortune in cargooEIC granted a monopoly by the British monarchy in return for customs dutiesoThis was not free market capitalism since the monopoly was the preserve of a select few and most of the English population was unaffected by the activities of merchant capitalists2Industrial CapitalismoMConnel and Kennedy cotton firm used as the exampleoCotton industry was keenly competitive and relied on wage labouroExploitative conditions and rigid monotonous working conditionsoBut industrial capitalism also regularized the working routine of workers and created the concept of leisure3Financial CapitalismoNick Leeson used as the example with this single individual using unethical methods and modern technology to bankrupt the Barings Brothers bankoFinancial capitalism the ultimate form of capitalism and relies on global integration of stock marketsFulcher concludes by emphasizing three major features of capitalism 1capital is money that is invested to make more money with the whole economy becoming dependent on this investment 2capitalist production is based on wage labour which promotes consumption increases throughout the economy and 3markets are essential in modern capitalism and consumption and production are divorced in capitalists systems12 Outline of McCraw and Tedlow Henry Ford Alfred Sloan and the Three Phases of MarketingMcCraw and Tedlow examine the progress of the automobile industry through three phases of marketing and examine how the Ford Motor Company and General Motors were able to dominate the last two phasesUS automobile market boomed for three reasons 1population growth 2consumer wealth 3product price declinesThree phases of marketing in the automobile industryo1Fragmentation274 small car companies in 1909 producing highpriced unreliable productso2Unificationone major company Ford perfects highvolume production processes and builds lowpriced cars available across the countryo3SegmentationGeneral motors surpasses Ford by diversifying its product line and developing sophisticated managerial techniquesHenry Ford emerged as one of the major figures in American historyoFarming and mechanical backgroundoPerfected assembly line production methods and treated his workers welloAutocratic inflexible managerial styleoHeld controversial social viewsAlfred Sloan and his managerial strategies propelled GM past FordoHighly educated with an urban backgroundoPerfected the MForm managerial strategy that made company administration transparent and effectiveoDiversified product line catered to various socioeconomic classes in American societyBoth Ford and General Motors experienced difficulties after the Second World War that eventually allowed foreign competitors like Japan and Germany to play a major role in the US car marketoPoor designs and terrible fuel efficiency of US carso1973 oil shock made fuelefficient Japanese imports highly sought afterUltimately McCraw and Tedlow highlight the importance that personalities and management styles have on the success and failure of business entities2
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