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Exam Notes - History.docx

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York University
MGMT 1030
Michael Stevenson

First Industrial RevolutionThis was marked by the agricultural economy There was a growth in canal transportation a growth in factories and a rise of the urban society New products included cotton textiles Second Industrial RevolutionThis was marked by the growth in communication and transportation methods development of telegraph and railroads There was a growth in a modern corporate structure New products included steel automobiles and chemicalsThird Industrial RevolutionThis was marked by the rise of the service sector and a growth in international trade and transactions New products include electronics A Look at Britain Prior to 1700s there was a Manorial Economy where customs and traditions were held strong The relationship between peasants and masters was normalThere were changes in attitudes 1 People thought that they should have more freedom in society 2 Cash transactions should be more common 3 Traditions and Customs must be replaced with Market Orientation style to determine production and distribution of goods in a society With these new ideas in mind there was a change from Manorial Economy to a Market Economy Britain industrialized first because 1 Britain already had a stable political entity2 The Enclosure Movement move away from PeasantsLabour became factor of production3 Population Growth4 Domestic Industry competitive industry with contract labours 5 Early Technological Change early factories The First Industrial Revolution 1 Agricultural Improvements2 Transportation Improvements Roads and Canals3 Banking and Finance Changes Bank of England chartered4 Changes in Economic Thought5 Technological Breakthroughs Cotton spinning industriesThe Second Industrial Revolution1 Transportation Railways ships automobiles 2 Iron and Steel Increase in steel production 3 Coal 4 Engineering England emerged as leader of electrical engineering 5 Financial Improvements Limited liability for companies 6 Industrial Difficulties Causes of DepressionEfforts to solve Interwar Problems The Third Industrial Revolution1 Pillars of Welfare State established in 1940 2 Britain has lagged behind compared to other nations but still remains an important economic power major player in petroleum automobile and pharmaceutical industries1
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