HISTORY 1DD3 Lecture Notes - Lecture 14: New Lanark, Utopian Socialism, Classless Society
22 Oct 2017
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Most well known for his invention of the cotton gin. Created machine tools , which is where an unskilled worker specializes in just one part of manufacturing. (like a machine) By the mid 19th century, mass production in this manner was becoming the hallmark of industrial societies: henry ford. Introduced the assembly line to automobiles, which was a conveyer system that carried components to workers at certain heights and speeds. Increased supply of automobiles, dropping prices and allowing more people to afford driving. A private business owned by many investors (buy stocks representing shares in the company) If a corporation goes bankrupt, laws protect investors from a liability or financial loss. By the late 19th century, corporations controlled many businesses. Investment banks and other financial businesses arose and served the needs of corporations: trusts/cartels. Trusts = vertical organization = dominating all facets of a single industry. (eg: oil drilling, processing, refining, marketing)
