Popular in Principles of Economics: Microeconomics
verified elite notetaker
Popular in Business
This 1 page Class Notes was uploaded by jaxxgrace on Wednesday April 27, 2016. The Class Notes belongs to ECON 201 at James Madison University taught by Bruce Brunton in Summer 2015. Since its upload, it has received 8 views. For similar materials see Principles of Economics: Microeconomics in Business at James Madison University.
Reviews for notes
Report this Material
What is Karma?
Karma is the currency of StudySoup.
You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!
Date Created: 04/27/16
History 225 LECTURE Notes Second Industrial Revolution and the Transformation of Work Emerges from/consequence form Northern victory of the Civil War 1877-1900 Remarkable industrial growth Purchasing power increases Deflation o Not good for people who need loans (farmers, etc.) -By end of the 19 century the industrial capacity wad larger than Germany, France, England combined Greatest industrial power in the world -Hierarchical structure of modern business enterprise Bureaucratic Revolution of Managerial Capitalism Bureaucratization means efficiency o Impersonal – dehumanizing o Humanizing is inefficient Standardization o “watch the costs and profits will take care of themselves” Carnegie Wanted to reduce labor costs o Managers operate economy not market Anti-market Capitalism o Firms dislike market o Market is unpredictable, ruinous, expensive Visible Hand of the Manager replaces the Invisible Hand of the Market Managerial Hierarchy is self-sustaining Management becomes distinct from ownership Railroads as the Model Big Business Enterprise Pioneer of modern big business enterprise o Sheer size and Complexity Necessitated Bureaucratization o Push to Standardization Deals with complex organization and business over vast territory Railroad is the “bringer of development”
Are you sure you want to buy this material for
You're already Subscribed!
Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'