MGMT 1030 Study Guide - Comprehensive Final Exam Guide - Mgmt, Canada, Industrial Revolution
20 Nov 2018
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Increased productivity due to changing from 2-crop system" to 3-crop system". Rising prices provoked experimentation with new root crops and animal breeding practices. Road improvements (turnpike trusts tolls on the road. Allowed for collaboration between business owners to facilitate between the businesses) Credit became available for businesses to expand. Adam smith ( the invisible hand" self-regulating businesses/ market economy) Railways were more efficient and cheap to run. Legal principle of limited liability for companies (1856) Beveridge advocated cradle to grave" social safety net and nationalization of industry. Government needed to promote social safety during times of industrial change. Britain has lagged behind relative to other nations but remains an important economic power. Major player in petroleum, automobile and pharmaceutical industries. Less labour was needed because of cotton gin. Westward migration/slavery b/c of soil exhaustion, improved tech & gov"t sold at low prices. Erie canal (1825) linked the great lakes. Textile manufacturing (domestic system work from home)
