HI125 Lecture Notes - Lecture 16: Industrial Revolution, Vertical Integration
Document Summary
Prominence of large, capital-intensive corporations in industry by interwar. Innovation and research had become institutionalized and linked larger scientific and engineering networks: newer products or technological research, further method of integration. Increase in number of research labs and researchers: us r&d employees rose from 3000 (1920) to 30000 (1940) Post-secondary training starts to provide training: development of business schools. Change in the nature of innovation from 1st industrial revolution to the 2nd: process is no longer separate. Why given the financial cost: takes a long time to research, develop an innovation, may not even be profitable or a significant invention, growth of r&d in the private sector. Creation of internal research facilities as part of vertical integration. Research networks include small amount of government initiative in interwar years: minimal during the interwar years, pick up after the war, before ww2, the government was willing to fund a bit for r&d.
