HI125 Lecture Notes - Lecture 8: Second Industrial Revolution, Automotive Industry, Industrial Revolution
Document Summary
Definition: involves large-scale corporate-controlled financial or business activities. Term arose in latter 19th century as a result of growth of business operations and/or firms with. Will lead to other changes or potential changes labor relations, management, business operations. The term was initially a derogatory term big businesses could use their economic power to influence social norms/laws. The picture is supposed to represent a standard oil storage tank, wrapping its tentacles around the. Some people will argue that these business show success, evolving, progress. Tends to arise in specific sectors where it makes sense to increase production: chemicals, electrical, financing, oil. Retail: have the finance to expand and get more sales. Through joining all or most of the stages of production or producers in to a single firm: join distribution, sales, etc. into one product, cut away the middle man, make product from raw material to final product.
