MGMT 1030 Study Guide - Winter 2018, Comprehensive Midterm Notes - Mgmt, Canada, Industrial Revolution
12 Oct 2018
School
Department
Course
Professor
MGMT 1030
MIDTERM EXAM
STUDY GUIDE
Fall 2018
MGMT 1030
Lecture 1
First Industrial Revolution
- 1760s to 1840s
- Agricultural Improvements
- Increased productivity due to changing from ‘2-crop system’ to ‘3-crop
system’
- Rising prices provoked experimentation with new root crops and
animal breeding practices
- Transportation Improvements
- Canal improvements (1760)
- Road improvements (turnpike trusts tolls on the road
- Railway
- allowed for collaboration between business owners to facilitate
between the businesses)
- Banking & Finance Changes
- Bank of England (1694)
- Credit became available for businesses to expand
- Changes in Economic Thought
- Adam Smith (‘the invisible hand’ self-regulating businesses/
market economy)
- Formation of Companies
- Family-owned and operated
- Unlimited liability (high risk)
- Technical Breakthroughs
- Cotton spinning improvements (Spinning Jenny)
find more resources at oneclass.com
find more resources at oneclass.com
- Steam engine
Second Industrial Revolution
- 1840s to 1940s
- Transportation
- Railways were more efficient and cheap to run
- Created demand for resources/jobs
- Faster and easier access
- Shipping revolutionized international commerce
- Increase in # of automobiles
- Iron and Steel
- Bessemer steel process increased efficiency
- Coal
- Slow improvements in mechanization
- Engineering
- Textile equipment designs
- Emerged electrical engineering
- Financial Improvements
- Legal principle of limited liability for companies (1856)
- Size of firms increased (lower risk)
- Role of Government
- Free trade (competition)
- Industrial Difficulties (1914-1945)
- Great Depression
- Decline in exports
- Balance of Payments (-)
- Efforts to Solve Interwar Problems
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
Increased productivity due to changing from 2-crop system" to 3-crop system". Rising prices provoked experimentation with new root crops and animal breeding practices. Road improvements (turnpike trusts tolls on the road. Allowed for collaboration between business owners to facilitate between the businesses) Credit became available for businesses to expand. Adam smith ( the invisible hand" self-regulating businesses/ market economy) Railways were more efficient and cheap to run. Legal principle of limited liability for companies (1856) Beveridge advocated cradle to grave" social safety net and nationalization of industry. Government needed to promote social safety during times of industrial change. Britain has lagged behind relative to other nations but remains an important economic power. Major player in petroleum, automobile and pharmaceutical industries. Less labour was needed because of cotton gin. Westward migration/slavery b/c of soil exhaustion, improved tech & gov"t sold at low prices. Erie canal (1825) linked the great lakes. Textile manufacturing (domestic system work from home)
