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11-25-08_Lecture_Notes

11-25-08_Lecture_Notes - Economics 323 Today Hazard Ware...

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Economics 323 (11-25-08) Today: Hazard, Ware, Jeremy Tues 12/2: Hounshell, Smith, Temin “labor” Thurs 12/4: Walton, ch 11 pp 177-82 EXAM THURSDAY 12/11 9 AM 1860- roughly 20% of value added originates from industry- most comes from agriculture 1820- roughly 10% gradual transition towards modern economic growth crafts shops- master crafts man hires journeymen- owns the products that he makes and then he sells the finished product lumber mills/grain mills- many and almost in every town domestic system – putting out materials- merchant organizes enterprise but doesn’t do the work himself- households do the work but do not own material factory- supervision of a number of workers under one roof- factory discipline – a group of people’s work is directed by a manager household system- households make things for themselves prewar- the factory is unusual but there are a number of factories by 1860 virtually no factories outside of the iron business most settlements have lumber or grain mills or both
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