1. The document discusses several topics related to economics including capitalism, middlemen, laissez-faire, entrepreneurs, robber barons, monopolies, labor unions, insurance, banking, stock markets, and the barter system.
2. It provides context on how these concepts developed and were important during the Industrial Revolution, such as how capitalism and entrepreneurs drove innovation, while middlemen profited and labor faced low wages and poor conditions.
3. Robber barons created monopolies in industries like steel and oil, though they also transformed the economy, while organized labor unions struggled for better treatment of workers.
Konzervatívny inštitút M. R. Štefánika s podporou Nadácie Tatra banky organizoval dňa 7. apríla 2014 v Bratislave ďalšiu prednášku v rámci cyklu prednášok CEQLS. Našim hosťom bol Michael C. Munger, profesor ekonómie a politológie pôsobiaci na Duke University (USA). Viac informácií nájdete na www.konzervativizmus.sk. More information at www.institute.sk
Lecture I developed directly after the attacks of 9-11-2001 at Washington & Lee University while teaching the History of Economic Thought course and specifically the Marxian critique of capitalism.
OAPEN started its activities on September 1, 2008 and has now completed its project phase co-funded by the European Commission. The final stage of the project focused on the launch of the OAPEN Library, usability, and especially sustainability after the project period. The results were presented during the final conference in Berlin in February 2011.
In the future OAPEN will continue as an independent foundation governed by representatives of the participating institutions. The objectives for the foundation are to stimulate further OA publishing of academic books, to further develop OAPEN as a platform for OA books and to develop a sustainable business model. In the meantime, OAPEN is conducting a number of experiments in Open Access book publishing, in the form of pilot projects. The first pilot is conducted in the Netherlands with support from the Netherlands Organization for Scientific Research (NWO) and the Ministry of Education. For the UK a similar pilot project is being prepared by JISC Collections.
Konzervatívny inštitút M. R. Štefánika s podporou Nadácie Tatra banky organizoval dňa 7. apríla 2014 v Bratislave ďalšiu prednášku v rámci cyklu prednášok CEQLS. Našim hosťom bol Michael C. Munger, profesor ekonómie a politológie pôsobiaci na Duke University (USA). Viac informácií nájdete na www.konzervativizmus.sk. More information at www.institute.sk
Lecture I developed directly after the attacks of 9-11-2001 at Washington & Lee University while teaching the History of Economic Thought course and specifically the Marxian critique of capitalism.
OAPEN started its activities on September 1, 2008 and has now completed its project phase co-funded by the European Commission. The final stage of the project focused on the launch of the OAPEN Library, usability, and especially sustainability after the project period. The results were presented during the final conference in Berlin in February 2011.
In the future OAPEN will continue as an independent foundation governed by representatives of the participating institutions. The objectives for the foundation are to stimulate further OA publishing of academic books, to further develop OAPEN as a platform for OA books and to develop a sustainable business model. In the meantime, OAPEN is conducting a number of experiments in Open Access book publishing, in the form of pilot projects. The first pilot is conducted in the Netherlands with support from the Netherlands Organization for Scientific Research (NWO) and the Ministry of Education. For the UK a similar pilot project is being prepared by JISC Collections.
Esta apresentação aborda os tópicos introdutórios da Linguagem de Programação Ruby, considerando que o leitor já possui conhecimentos de técnicas de programação. Ruby é uma linguagem de programação dinâmica, de tipagem forte e implícita, orientada a objetos, que tem ganho cada vez mais espaço dentro da comunidade de desenvolvedores, principalmente por conta do projeto mais famoso desenvolvido nela: o framework de desenvolvimento Web Ruby on Rails.
Capitalism
Pre capitalist
Mercantilism is economic nationalism for the purpose of building a wealthy and powerful state. Adam Smith coined the term “mercantile system” to describe the system of political economy that sought to enrich the country by restraining imports and encouraging exports. (Library of economics and liberty)
The goal of these policies was, supposedly, to achieve a “favourable” balance of trade that would bring gold and silver into the country and also to maintain domestic employment
the mercantile system served the interests of merchants and producers such as the British East India Company, whose activities were protected or encouraged by the state.
The most important economic rationale for mercantilism in the sixteenth century was the consolidation of the regional power centres of the feudal era by large, competitive nation-states.
Enclosure Acts (1604 – 1914)– land publicly used for grazing , crops became the property of landlords – who then increased rent – pushing people toward the cities to earn a living
Other contributing factors were the establishment of colonies outside Europe;
the growth of European commerce and industry relative to agriculture;
the increase in the volume and breadth of trade; and the increase in the use of metallic monetary systems, particularly gold and silver, relative to barter transactions.
Growth of empire building (and military)
During the mercantilist period, military conflict between nation-states was both more frequent and more extensive than at any other time in history. The armies and navies of the main protagonists were no longer temporary forces raised to address a specific threat or objective, but were full-time professional forces.
Each government’s primary economic objective was to command a sufficient quantity of hard currency to support a military that would deter attacks by other countries and aid its own territorial expansion.
In exchange for paying levies and taxes to support the armies of the nation-states, the mercantile classes induced governments to enact policies that would protect their business interests against foreign competition.
For example; In France, Jean-Baptiste Colbert, the minister of finance under Louis XIV from 1661 to 1683, increased port duties on foreign vessels entering French ports and provided bounties to French shipbuilders.
In Britain - the Navigation Act of 1651 prohibited foreign vessels from engaging in coastal trade in England and required that all goods imported from the continent of Europe be carried on either an English vessel or a vessel registered in the country of origin of the goods. Finally, all trade between England and its colonies had to be carried in either English or colonial vessels
But then
The innovation and invention thoprugh science and reasoning led to the
Eric Hobsbawm did not exaggerate when he opined that “the Industrial Revolution marks the most fundamental transformation of human lif ...
Accelerating the Industrial Revolution, 1800-1850More steel- s.docxannetnash8266
Accelerating the Industrial Revolution, 1800-1850
More steel- steam
engine and smelting
Railroads- First RR was
built in 1823 to connect
Manchester with the
nearby port of Liverpool
Repeal of the Corn Laws,
Poor Laws, 1832-1846
Stockton-Darlington locomotive, 1825
American locomotive, 1850
Iron and railroads led to steel bridges and road improvements
Chemicals:
Gas lights, fueled by gas extracted from coal, were installed in London, 1812-1820
Sulfuric Acid and Bleach for the textile industry were developed in between 1790-1830
Portland cement, and improvement over traditional concrete, was developed in 1824
SS Royal William, the first ship to cross the Atlantic under steam-power, from Nova Scotia to Liverpool, 1833
Pollution
Great Stink, 1858
Discontent and Organized Labor
Luddites, Manchester, 1811-12, led a series of riots protesting the use of steam engines in textile mills and the resulting unemployment.
Workers’ Unions were illegal in the UK until 1824.
The Chartist movement of the 1830s and 1840s represented the first real effort to build a labor union, and organized the first wide-spread labor strike in 1846.
In 1844, Frederick Engels, the son of a textile factory owner, published his Condition of the Working Class in England, one of the founding works of Socialism.
Reform of Working Conditions
Factory Acts of 1802, 1833-
1)Children under 8 can’t work
2)Children 8-13 can only work 8 hours per day, but only from 6AM to 9PM (max work week of 58 hours)
3)Children 13-18 can work twelve hours per day (max work week of 70 hours)
4) The employers of child-labor must send them to school at least once per week for the first four years of their employment (this was expanded to two hours per day).
Factory Act of 1844-
Women and children (13-18) not allowed to work beyond 58 hours per week.
Factory Act of 1847- The ten hour work day
Robert Owen (1771-1858)
Great fan of reforming industrial labor conditions
Ran his own mill town of New Lanark, Scotland, as an example of how fair treatment and investment in the lives and education of workers could alleviate the social problems of capitalism.
Believed poverty could be solved
by the creation of new villages
for the poor based on the
old principle of commonly-held
lands.
Edwin Chadwick
Member of Poor Laws Commission, but bitterly rejected the reform of the Poor Laws in 1832
Published The Sanitary Condition of the Labouring Population in 1842, complaining about working and living conditions in London and other cities.
Made commissioner of the Metropolitan Sewer District, which built London’s modern sewage system
Ireland and Enclosures
During the eighteenth century, English and Irish-protestant landlords pursued a policy of increasing cash rents or enclosures for sheep farming, dispossessing large swaths of the Irish peasantry.
Many moved to England,
looking for employment in
the cities.
Ireland under British Liberalism
Agricultural Revolut.
A description about the transition of post colonial states. It states about colonialism, post colonialism and its transition with a practical example from Bangladesh context.
Spanning three centuries of history, from the dawn of the industrial age to modern times, three diverse
thinkers developed their own landmark theories on commerce, labor, and the global economy.
Register to explore the whole course here: https://school.bighistoryproject.com/bhplive?WT.mc_id=Slideshare12202017
Consumerism is the theory that individuals who consume goods and services in large quantities will be better off. Some economists believe that consumer spending stimulates production and economic growth. Consumerism is the selfish and frivolous collecting of products, or economic materialism. Consumerism is the idea that increasing the consumption of goods and services purchased in the market is always a desirable goal, and that a person's well-being and happiness depend fundamentally on obtaining consumer goods and material possessions.
In the economics sense, consumerism is related to the predominantly Keynesian idea that consumer spending is the key driver of the economy and that encouraging consumers to spend is a major policy goal. From this point of view, consumerism is a positive phenomenon that fuels economic growth.
Others view the drive to obtain more material possessions as a problematic, causing individual anxiety and eroding the social fabric.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
1. 1.) JESSICA CHEN- Capitalism, Middlemen, Laisse-faire, Entrepenuer
2.) KYNING TILLINGHAST- Malthusism, Mercantalism, Bourgeoisie and Proletariat
3.) INGRID LIU- Robber Barons, Monopoly, Low-wage, Labour Unions & Big business
4.) CHRISTINE WANG- x,y,z factor, intellectual property
5.) VIVIAN CHEN- Insurance, Banking system, stock market, barter system
6.) SABRINA SHIH- Industrial Revolution, Inflation, Story of Stuff, Supply & Demand
1.) Capitalism, Middlemen, Laisse-faire, Entrepenuer
Capitalism:
Now i want you to stand and look around the things in the room, where do you think all these stuff are
produced and organized to be sold and also what is the purpose behind these things?
It starts of with capitalism. At this day, most owners, entrepreneurs or any producer still use the idea and
practice of capitalism to bring their products to the audience and most importantly, increase or preserve
the wealth for themselves and the economy. So how and when did capitalism evolve? Capitalism
popularized and became a significant key to the era of Industrial Revolution. It was also the key to
unlock the door to the great rise of the economy from Great Britain to other neighboring European
countries and then to America. During and after this era, Capitalism becomes an economic system
where capitalists are individuals in endeavor to use the means of production( capitals/ tools, materials,
land, property) to earn their profits and benefits. Basically capitalism relies on labor exploitations and
the capitals to use. These human exploitations which comes with productive labor--the human work
necessary to produce goods and distribute them--has become an immense social problem in Europe in
the 19th century and the 20th century, due their low wages the labours receive. During the Industrial
Revolution, the capital of the 19th century in Europe was machines, labour, and the materials they use to
create. For example, The textiles machines were used and operated by the labours, that is of any age that
is strong enough work , in the factories and then are produced into clothing or any textiles that then given
to the owner to show it the audience. Thus he earns the profits and shares little of it to the labours. The
labours get an insufficient money that is not enough to afford their necessary element of living. This must
be a pain to us if we were the labours but now, the moderns days, capitalism is considered old school and
is not much of a use anymore, according to the new accustoms of the way of economy by using ideas and
creativity , and then making new inventions individually without labor exploitation and capital.
Middlemen:
The middle men , started in the the 19th century , in the industrial revolution. the middle men were
the ones that made the most of the money through the process of producing a product to selling the
product. The “middlemen” refers to the person selling the product or either bringing the idea out and
efficiently from one. Therefore the producers of the product do not receive much credit, which are all in
the middlemen pockets, to afford their necessary needs for life. However, if the 19th century economy
was without the middlemen, there probably wouldn't be an Industrial Revolution, moreover, the world so
depended on the economy wouldn’t be what is like today.
Middlemens of today, CD Record companies, galleries,etc.
Laisse- faire:
The French term laissez-faire literally means "to let people do as they wish." In this case, capitalist
are engaged in free marketing, which reduces the restrictions of the government and allows
2. freedom in the economy, to do with whatever they have ( capitals) for personal benefits.
The term “laissez- faire” slogan was popularized by Vincent de Gournay, a french attendant
of commence in the 1750s. He was the player of the removal of restrictions on trade and
abolishing the regulations of the industry of France. He was incredibly inspired by the Colbert
Legendre ,who who said “Leave it be, that should be the motto of all public powers, as the world
is civilized ... That we cannot grow except by lowering our neighbors is a detestable notion!
Only malice and malignity of heart is satisfied with such a principle and our (national) interest
is opposed to it. Leave it be, for heaven's sake! Leave it be!”. Gournay transferred into his
slogan, “Let do and let pass, the world goes on by itself!"
Entrepenuer:
This term and idea started or either became quite popular in the Industrial Revolution. Entrepreneurs are
the creations of the new inventions and ideas. They flourished the economy and capital of many industries
in the Revolution. They also made a big impact on what we use today; such things ,that are created by the
famous entrepreneurs , like steam engines, the telegram, machines, cars and etc.
3) Robber Barons, Monopoly, Low-wage, Labour Unions & Big business
During the days of the American Industrial evolution, industrialists such as Andrew,
Carnegie, John D. Rockefeller, and Cornelius Vanderbilt have all created monopolies within the
big businesses around the world. These were family dynasties who literally cornered the market
on essential and influential industries, including railroads, steel, and petroleum industries.
People of the commons felt that these powerful industrialists of the gilded age should be
referred to as “robber barons.” They portrayed him as the cruel and ruthless businessmen who
3. exploited workers and forced horrible working conditions and unfair labor practices upon the
laborers; however, the other side of the view of industrialists were “captains of industries.” The
term captain views these men as great leaders who have transformed the American economy
tremendously and are worthy of appraisal for creating such impact. Industrialists like Andrew
Carnegie held a philanthropic view to the society, in other words, he believed that distributing
financial support to the poor and those in need are fairly important, which in the modern
society, is considered as a notable philosophic mindset.
Businessmen reaped enormous profits during the Gilded Age through some significant
strategies. Powerful tycoons formed giant trusts to monopolize the production of goods that
were high in demand. As mentioned, Andrew Carnegie was one of the Captains of Industry. He
has built a enormous steel empire using vertical integration. Conversely, Rockefeller’s Standard
Oil Company used horizontal integration, which eliminated numerous competitors out of
business by selling one single type of product in many markets, effectively creating a monopoly.
These “captains of industry” had rumors that they cared little for consumers and more of the
profits they can increase through tactics, thus earning the nickname of “robber barons.”
Organized labor did not fare nearly as well as big business during the Gilded age, as most
Americans looked down on labor unions during the era. The first large union was the National
Labor Union, formed right after the end of Civil War in 1866. Workers created the union to
protect skilled and unskilled workers. Despite all the unions for organized labor, workers
continued to strike for better wages, hours, and working conditions. Amongst the most exclusive
labor union, American Federation of Labor emerged as the most powerful union in the late
1880s.
5.) Insurance, Banking system, stock market, barter system
Insurance
Insurance often times refers to a promise of reimbursement in a risk or a loss; insurance, tied
closely to economics, has been around since a long time ago; however, often times not in the
form of currency and cash. The idea of insurance practices in the form of currency was first
popularized by Benjamin Franklin in 1752, where he established Philadelphia Contributionship
for the Insurance of Houses from Loss by Fire.
Main Principles:
● Indemnity
● Proximate cause
● Contribution
● Subrogation
● Utmost Good Faith
● Insurable Interest
Types of Insurance:
● Auto Insurance
● Home Insurance
● Finical Insurance
● Health/Funeral Insurance
4. ● Accident Insurance
● Unemployment Insurance
● Casualty Insurance
● Life Insurance
● Sickness Insurance
● Property Insurance
● Liability Insurance
● Credit Insurance
Controversies:
● Religion Concerns (Christians believe that insurance is a sign of lack of faith)
● Redlining (Denying the insurance coverage at certain geographical locations)
● Complexity of Insurance contracts
Banking System
A bank is a finical institution which accepts deposits and distributes the money to activities that
require finical support. The earliest evidence of a banking system dated back in 350-325 B.C on
a sliver Greek drachm coin, the picture depicts a banker’s table.
Impacts of Industrial Revolution:
The Industrial revolution had a significant impact on the banking systems throughout Europe,
creating the first national bank within Europe, channeling out more money, breaking out of the
mindset that money has a fixed amount. (It allowed people to invest with low interest rates)
Stock Market
The stock market, also known as the equity market, in a public entity in which companies
exchange stocks at an agreed price.
Stock market in the 19 th century:
The stock market originated about 200 years ago in the United States, this was the time when
a private banking system started to develop, the private banks raised money by issuing stocks
and shares, thus making the rich, richer.
Barter system
The barter system is wherer goods or services are directly exchanged for other goods or
services, no currency or money or involved throughout this process.
Industrial Revolution
The Industrial Revolution, a period of colossal and crucial changes, took place during the years of
1760-1850. During these years, fundamental changes occurred in textile, agriculture, and metal
manufacture; transportation also greatly improved.
The Industrial Revolution, refers to a period in the 18th and 19th century (1760-1850) of colossal
and crucial economic, social, technological, ideology, and cultural change. Before the Industrial
Revolution, the world’s economy was mainly based on manual labour, this transformed into a
mechanical industry. Improvement in agricultural techniques and machinery reaped a massive
increase in the supply of food and raw materials. Advanced technology resulted in increased
production, efficiency and profits which further resulted in an increase in commerce. The world
was changed industrially and economically: the improvement of iron making techniques sky-
5. rocketed production levels, the invention of steam-power powered the many existing and/or
emerging factories, the conoction of the Spinning Jenny resulted in much higher production at
a lower cost, and the creation of quicker and newer transportation networks (i.e: railroads) not
only transported goods but also networked the world’s ideas. As a result of the double-time
urbanisation, living conditions grew worse and people had to turn to cramped houses and living
conditions. The anti-technology groups, the Luddites, attacked and plundered factories in their
attempts of bringing an end to child labour, and improving better health and work conditions.
Though many sacrifices had to be made during this period, they were absolutely crucial to the
advancements which further progressed the world from a world lagging behind to a world full of
opportunities and innovations.
Inflation
“Inflation is always and everywhere a monetary phenomenon. To control inflation, you
need to control the money supply"- Milton Friedman
During the 19th century, the globe went through a dyad of industrial revolutions, both
of which sustained periods of falling prices. Economy in the world, specifically Europe sky-
rocketed during the late 1800s due to the heavy machinery that produced goods at a massive
amount. An important factor contributing to this sudden boon, sudden inflation, was the world’s
strong demand for steel. Bridges, railroads, tall buildings, and a myriad of machines that were
used to make living more convenient were all structures that required steel, thus the “steel
economy” increased rapidly. It wasn’t until the mid-19th century did people come up with a
quicker and more efficient way of producing steel—the Bessemer process. With the quicker
production of steel, America’s steel production grew from 15 thousand tons in 1865 to over
28 million tons by the year of 1910. Transportation advanced and improved at a significant
amount after the Bessemer process. In the late 1890s steel sold for about $12, which is a
major deflation since the the 1873 where a ton would cost $100. Because of the sudden drop
in steel prices, railroad companies snatched at the chance to lay thousands and thousands of
railroads. This speedy laying of tracks thus connected many cities which increased the mailing
6. of mails—furthermore, ideas were shared at a much quicker speed. Older towns became
more prosperous as a result of people moving out west to start new cities and towns with the
expansion of railroads.
The Story of Stuff
The story of stuff, an animated documentary directed and narrated by Annie Leonard of the life-
cycle of goods is one that raises many brows--what is she talking about?!
The Story of Stuff emphasizes and promotes sustainability and criticizes an over-load in
consumerism--a “disease” almost everybody has. Through this documentary, we’re given a
huge wake-up call through 7 different ‘levels’: Introduction, Extraction, Production, Distribution,
Consumption, Disposal, and Another Way. Despite the video being a video that promotes
a benevolent thought and one that tells the world about the truth of what’s really going on, I
strongly believe that this video is bias. The narrator fails to mention the benefits humans get
from consuming, but instead she promotes anti-capitalism with her anti-consumer beliefs. The
Story of Stuff video misrepresents a lot of its data and quite a large amount of the data used in
the video cannot be found online, or anywhere else for that matter. Anne Leonard advocates the
prospect of abandoning the system we use and live in today, however, I would like to cause a
storm in your brain by ending with this question: Can’t we alter our system and try to improve it
instead of trying to completely abandon it with ideals and bias-facts (mainly used to intimidate
consumers) that a large amount of people don’t agree with?
Supply & Demand
Supply and demand, a fundamental concept of economics, is a concept that is of pivotal
importance. Supply refers to how much the market can offer, the relation between price and
how much of a product and/or service that can be supplied at a certain price is known as the
supply relationship. Demand represents how much of a product and/or service is desired by
others. The relationship between price and supply is known as the demand relationship. In
the law of demand, if all factors remain the same, then the less people will be in demand for an
object if the price of the good is higher; so, the lower the price, the greater amount of buyers. In
the law of supply, it states that the higher the price, the greater the quantity supplied. By selling
goods and/or services at a higher level, increases revenue.
Christine:
Intellectual property
Intellectual property (IP) refers to creations of the mind: inventions, artistic, literary, symbols,
names and designed.etc. Going back about 1867 with the founding of the North German
Confederation whose constitution granted legislative power over the protection of intellectual
property. When the Paris Convention (1883) and the Berne Convention (1886) merged in
189, the organization moved to Geneva in 1960, and establish the World Intellectual Property
Organization (WIPO).
Richard Stallman argues that, although the term intellectual property is in wide use, it should be
rejected altogether, because it "systematically distorts and confuses these issues, and its use was