2nd History lecture

2nd History lecture - The first big businesses: - Demanded...

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The first big businesses: - Demanded large scale capital: wall street - Managerial revolution: this is essentially the creation of the bureaucracy (of the managers to run the company). But it’s more than that. It’s the managerial techniques to manage the company. Things like written rules like cost accounting (which was used to measure performance) - Labor relations: New labor relations where labor is now impersonal and the labor don’t know the owners and vice versa. Because of the new managerial techniques, the labor has little role and saying in setting the wages or the number or working hours and other rights. - Severe competition: the rail roads introduced severe competition. In the late 19 th century there were dozens of rate wars (to reduce prices of the rail roads in order to benefit the most). And also secret hostile takeovers (by buying the stocks of other rails roads) in order to take control and dismantling the company. - Competition: the rail roads tried to control this competition by creating pools. These pools are to divide the market between the rail roads and to agree on the maximum and the minimum of the prices. The pool agreement was voluntary and
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This note was uploaded on 09/05/2008 for the course HIST 106 taught by Professor Work during the Fall '08 term at Texas College.

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2nd History lecture - The first big businesses: - Demanded...

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