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  1. III. New Social Classes: The Industrial Middle Class
    • a.      Rise of industrial capitalism produced new middle-class group
    •                                                               i.      Bourgeoisie or middle class= not new; existed since Middle Ages
    • 1.      Originally the bourgeois was burgher or town dweller, active as a merchant, official, etc. who enjoyed a special set of rights from the charter of the own 
  2. New meaning of bourgeois
    • 1.      As wealthy townspeople bought land, the original meaning of the word bourgeois became lost and included people involved in commerce, industry, and banking, as well as professionals, like lawyers
    • 2.      Lower end of economic scale were master craftspeople/ shopkeepers
  3. New Industrial Entrepreneurs
    •                                                               i.      People who constructed factories, bought machines, and figured out where the markets were
    •                                                             ii.      Resourceful, single-minded, resolution, initiative, vision, ambition, greed
    •                                                           iii.      Called on to superintend enormous array of functions that are handled today by managers
  4. Entrepreneurs did what
    1.      They raised capital, determined markets, set company objectives, organized the factory and its labor, and trained supervisors who could act for them 
  5. Risky opportunities
    •                                                               i.      Opportunities for making money were great, but risks tremendous
    • 1.      Cotton trade so important, but competitive
    • a.      Only through constant expansion could one feel secure, so early entrepreneurs reinvested most of initial profits
    •                                                                                                                                       i.      Fear of bankruptcy was constant, especially among small firms
  6. Small industries
    • a.      Furthermore, most early industrial enterprises were small
    •                                                                                                                                       i.      By 1840s: 10A% of British industrial firms employed more than five thousand workers
    •                                                                                                                                     ii.      45% had fewer than one hundred
  7. Bankruptcy
    •                                                               i.      entrepreneurs went bankrupt, new people could enter race for profits
    • 1.      1816: only one mill in five in Manchester in hands of one owner
    •                                                             ii.      New industrial entrepreneurs from diverse social origins
    • 1.      Many successful ones from mercantile background
    • a.      Three London merchants founded successful ironworks in Wales that owned 8 steam engines and employed 5000 men
  8. Joshua Fielden and William Radcliffe
    • a.      Britain: land and domestic industry interdependent
    •                                                                                                                                       i.      Joshua Fielden acquired sufficient capital to establish factory by running a family sheep farm while working looms in the farmhouse
    • 2.      Intelligent, clever, and ambitious apprentices (William Radcliffe)
    • a.      1801: Radcliffe operating a factory employing 1000 workers 
  9. Members of dissenting religious minories
    • 1.      Members of dissenting religious minorities often prominent among early industrial leaders of Britain
    • a.      Darbys and Lloyds, iron manufactures; Quakers
    • b.      Barclays and Lloyds, bankers; Quakers
    • c.       Trumans and Perkins, brewers; Quakers
    • d.      These were all expensive trades and depended on financial support that coreligionists in religious minorities provided for historians 
  10. Why were people members of religious minorities
    • a.      Members of religious minorities prominent in business because they lacked other chances
    •                                                                                                                                       i.      Legally excluded from many public offices, they directed their ambitions into new industrial capitalism 
  11. Aristocrats in Britain
    • 1.      Aristocrats in Britain= entrepreneurs
    • Lambtons in Northumberland, the Curwnes in Cumberlamd, and Norfolks in Yorkshire, and the Dudleys in Staffordshire invested in mining enterprises
  12. Significance of the Industrial Entrepreneurs
    •                                                               i.      1850: Brian at least: The kind of traditional entrepreneurship that created the Industrial Revolution declined and replaced by new business aristocracy
    • 1.      New generation of entrepreneurs stemmed from professional and industrial middle classes, especially as sons inherited successful businesses from dads
  13. After 1850
    •                                                               i.      Even after 1850, a large number of small businesses existed in Britain, and some were still being founded by people from humble backgrounds
    • 1.      Age of large-scale corporate capitalism didn’t begin until 1890s
    •                                                             ii.      New industrial entrepreneurs (bankers, owners, etc) amassed wealth and played important role alongside traditional landed elite of their societies
  14. IR began?
    • 1.      Industrial revolution began when preindustrial agrarian world largely dominated by landed elites
    • a.      As new bourgeois bought great estates and acquired social respectability, they sought political power, and in 19th century, their wealthiest members would merge with those old elites
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2013-03-02 21:31:19
HON 122

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