MGMT 1030 Lecture Notes - Lecture 1: U.S. Steel, Cotton Gin, Henry Beveridge

• School: York University
• Department: Management
• Course: MGMT 1030
• Professor: Andrew Thomson

Document Summary

Limited liability: second industrial revolution of britain there where financial iomprovemnets in which limited liability was first introduced in 1856 for companies. William henry beveridge: advocated social safety net and nationalization of industry and this program was adopted by the labour government after 1945. Merchant capitalism: early stage of trading of goods. Britian allowed eic to trade with india and the first voyage was dispatched in 1601, by trading internationally and manupilating the market they made it difficult for other firms to enter the market. Industrial capitalism : second phase of capitalism, phase of industrializarion, people were investing mainly into cotton and textile. James connel and john keneddy established their own cotton firm in 1975. First they were apprentices and slowly they were owners of the business. First they started employing large number of labors and then moved to machinery which improved their efficiency and productivity. Financial capitalism: the use of the financial instruments in order to make profit.