Lec3_1_19

Lec3_1_19 - Lecture 3: History of American Business: The...

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Lecture 3: History of American Business: The Industrial Revolution From 1790-1860s, there was a massive expansion in the size of cities, with more and more people moving off farms. By the mid to late 19 th century, the US doesn’t bear much resemblance to the agrarian ideal of Thomas Jefferson. The quintessential image of the United States changed to embrace a world of smokestacks and factory workers. The question for today is: what is propelling these changes? Market Revolution (c.1815-1850) The market revolution is a broad term characterizing a time in which there were major changes in the way things were produced. There was a move toward mechanization and cities increase in size as people move to where the work was. 1) Industrialization changes the relationship between people and products. It also changes the relationship between people and ownership of production. There is a separation of labor and capital. 2) Also, Wealth generated by the new means of production is concentrated in hands of those who own production. 3) Rise of Corporate Legal Form. Industrialization During industrialization there were major Innovations in: 1) Productive technologies. Textiles: In the 1700’s two men in England discovered a faster way via machines to do cotton-thread-cloth process. This technology was kept out of the
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This note was uploaded on 10/17/2011 for the course MGNT 364 taught by Professor Staff during the Spring '11 term at UNC.

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Lec3_1_19 - Lecture 3: History of American Business: The...

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