History 1401E Lecture 23: History Lecture January 4 2016
19 Aug 2016
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The new industrial revolution (1870-1914: expanding means of transportation, canals, railroad, streetcars using the newly invented electric motor a. i. In a partnership, a few individuals would get together and pool their money to fuel a business a. i. 1. If the business went bankrupt, the partners wealth and property was on the line a. i. 1. a. Few things are still run this way but it is not as commonplace as it used to be a. ii. In a corporation, people s personals assets are not on the line a. ii. 1. everything. It if goes bankrupt, people do not lose: cartels, also known as trusts a. i. Firms seek control of the market together for a better profit a. i. 1. members a. i. 2. members of society. Does not work if there are thousands of. They exact a price from the other a. ii. Attempts were made in the usa and france to break apart the cartels but in german, they controlled the business market a. ii. 1.
