Business and Society (MGMT 440) The Dynamic Environment (Chapter 2) Professor Charles H. Smith Fall 2019
Deep Historical Forces At Work • The book lists several but we will emphasize (code for “only these will be on the exam”) three in this class • Industrial revolution – emphasize • Inequality • Population growth • Technology – emphasize • Globalization • Nation-states • Dominant ideologies • Great leadership • Chance – emphasize
Deep Historical Force – Industrial Revolution • Traditionally, societies relied on subsistence economies and perhaps then some trade. • Industrial revolution occurs due to a mixture of conditions such as • Sufficient capital, labor and natural resources, ideas and institutions that permitted social mobility and encouraged individual initiative. • Existence of political and personal liberties provides opportunity to be creative. • In other words, people and businesses had freedom and opportunities to take risks necessary to advance and improve – must risk failure to get ahead. • Query – capitalism > communism for an industrial revolution?
Deep Historical Force – Industrial Revolution cont. • Examples of countries that have experienced industrial revolution • Britain – early to mid 19 th Century. • United States and Western European countries – mid to late 19 th Century. • Japan and Soviet Union – 1 st half of 20 th Century. • Other Asian countries – 2 nd half of 20 th Century. • Industrial revolution results in astounding economic growth, production of material things, and provision of services – see Figure 2.1 on page 26 showing world GDP during 18 th -20 th Centuries.
Deep Historical Force – Industrial Revolution cont.
- Fall '19
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