A World-Ecological Analysis of 'The Industrial Revolution', Part I
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Recession of 1797?
SAE./No.48/February 2016 Studies in Applied Economics WHAT CAUSED THE RECESSION OF 1797? Nicholas A. Curott and Tyler A. Watts Johns Hopkins Institute for Applied Economics, Global Health, and Study of Business Enterprise What Caused the Recession of 1797? By Nicholas A. Curott and Tyler A. Watts Copyright 2015 by Nicholas A. Curott and Tyler A. Watts About the Series The Studies in Applied Economics series is under the general direction of Prof. Steve H. Hanke, co-director of the Institute for Applied Economics, Global Health, and Study of Business Enterprise ([email protected]). About the Authors Nicholas A. Curott ([email protected]) is Assistant Professor of Economics at Ball State University in Muncie, Indiana. Tyler A. Watts is Professor of Economics at East Texas Baptist University in Marshall, Texas. Abstract This paper presents a monetary explanation for the U.S. recession of 1797. Credit expansion initiated by the Bank of the United States in the early 1790s unleashed a bout of inflation and low real interest rates, which spurred a speculative investment bubble in real estate and capital intensive manufacturing and infrastructure projects. A correction occurred as domestic inflation created a disparity in international prices that led to a reduction in net exports. Specie flowed out of the country, prices began to fall, and real interest rates spiked. In the ensuing credit crunch, businesses reliant upon rolling over short term debt were rendered unsustainable. The general economic downturn, which ensued throughout 1797 and 1798, involved declines in the price level and nominal GDP, the bursting of the real estate bubble, and a cluster of personal bankruptcies and business failures. -
The Bank Restriction Act and the Regime Shift to Paper Money, 1797-1821
European Historical Economics Society EHES WORKING PAPERS IN ECONOMIC HISTORY | NO. 100 Danger to the Old Lady of Threadneedle Street? The Bank Restriction Act and the regime shift to paper money, 1797-1821 Patrick K. O’Brien Department of Economic History, London School of Economics Nuno Palma Department of History and Civilization, European University Institute Department of Economics, Econometrics, and Finance, University of Groningen JULY 2016 EHES Working Paper | No. 100 | July 2016 Danger to the Old Lady of Threadneedle Street? The Bank Restriction Act and the regime shift to paper money, 1797-1821* Patrick K. O’Brien Department of Economic History, London School of Economics Nuno Palma Department of History and Civilization, European University Institute Department of Economics, Econometrics, and Finance, University of Groningen Abstract The Bank Restriction Act of 1797 suspended the convertibility of the Bank of England's notes into gold. The current historical consensus is that the suspension was a result of the state's need to finance the war, France’s remonetization, a loss of confidence in the English country banks, and a run on the Bank of England’s reserves following a landing of French troops in Wales. We argue that while these factors help us understand the timing of the Restriction period, they cannot explain its success. We deploy new long-term data which leads us to a complementary explanation: the policy succeeded thanks to the reputation of the Bank of England, achieved through a century of prudential collaboration between the Bank and the Treasury. JEL classification: N13, N23, N43 Keywords: Bank of England, financial revolution, fiat money, money supply, monetary policy commitment, reputation, and time-consistency, regime shift, financial sector growth * We are grateful to Mark Dincecco, Rui Esteves, Alex Green, Marjolein 't Hart, Phillip Hoffman, Alejandra Irigoin, Richard Kleer, Kevin O’Rourke, Jaime Reis, Rebecca Simson, Albrecht Ritschl, Joan R. -
The Fourth Industrial Revolution: How the EU Can Lead It
EUV0010.1177/1781685818762890European ViewSchäfer 762890research-article2018 Article European View 2018, Vol. 17(1) 5 –12 The fourth industrial © The Author(s) 2018 https://doi.org/10.1177/1781685818762890DOI: 10.1177/1781685818762890 revolution: How the EU journals.sagepub.com/home/euv can lead it Matthias Schäfer Abstract The fourth industrial revolution is different from the previous three. This is because machines and artificial intelligence play a significant role in enhancing productivity and wealth creation, which directly changes and challenges the role of human beings. The fourth industrial revolution will also intensify globalisation. Therefore, technology will become much more significant, because regions and societies that cope positively with the technological impact of the fourth industrial revolution will have a better economic and social future. This article argues that the EU can play an important role in developing an environment appropriate for the fourth industrial revolution, an environment that is vibrant and open to new technologies. Member states would profit from an EU-wide coordinated framework for this area. The EU has to establish new common policies for the market-oriented diffusion and widespread use of new technologies. Keywords Fourth industrial revolution, Technology policy, Industrial policy, Leadership Introduction Historically there have been four industrial revolutions (see Schwab 2016). The first began in the early nineteenth century, when the power of steam and water dramatically increased the productivity of human (physical) labour. The second revolution started almost a hundred years later with electricity as its key driver. Mass industrial production Corresponding author: M. Schäfer, Department Politics and Consulting, Head of the Team for Economic Policy, Konrad-Adenauer- Stiftung, Berlin, Germany. -
UNIT 27 Industrialisation
UNIT 27 Industrialisation Contents 27.1 Introduction 27.2 Understanding the Term Industrilisation 27.3 The Historical Antecedents of Industrilisation 27.4 Social Thinkers on Industrial society 27.5 Industrilisation in India 27.6 Gandhi and Nehru on Industrilisation 27.8 Post Industrial Society 27.9 Conclusions 27.10 Further Reading Learning Objectives 146 27.1 Introduction In May 1851 queen Victoria opened the Great Exhibition, which was built from prefabricated iron and glass–called the crystal palace. The exhibition showcased Britain’s achievements and industrial power. At that time, Britain was producing half its iron and coal and cotton. By late 19th century 75% of its population lived in fast emerging urban areas more than 80% of its population engaged in non agricultural activity. In 1900 other countries emerged as powerful industrial countries –USA , Germany and many more followed the path of industrilisation. You, of course, have an idea of what industrialization means and how powerful the industrilised countries are in their material wealth and how we all strive to be like the developed industrilised countries. Industrialisation was such a wide-ranging phenomenon, involving every aspect of the economy and society, that there will always be scope for debate about its timing and speed, causes and consequences. The roots of change ran deep into the past, but from the final quarter of the 18th century industrialisation gathered pace. At first slow and patchy, by the time Victoria came to the throne in 1837, it had left few lives and few institutions unaltered. In this unit we will try and under stand the process of industrilisation and the consequent changes in society. -
The Industrial Revolution, 1700–1900
The Industrial Revolution, 1700–1900 Previewing Main Ideas SCIENCE AND TECHNOLOGY From the spinning jenny to the locomotive train, there was an explosion of inventions and technological advances. These improvements paved the way for the Industrial Revolution. Geography What other European countries besides England had coal, iron, and textile industries in the 1800s? EMPIRE BUILDING The global power balance shifted after the Industrial Revolution. This shift occurred because industrialized nations dominated the rest of the world. Geography Study the map. Which country appears to be the most industrialized? ECONOMICS The Industrial Revolution transformed economic systems. In part, this was because nations dramatically changed the way they produced and distributed goods. Geography What geographic factors might have encouraged the development of industry in certain places? INTERNET RESOURCES • Interactive Maps Go to classzone.com for: • Interactive Visuals • Research Links • Maps • Interactive Primary Sources • Internet Activities • Test Practice VIDEO Patterns of Interaction: • Primary Sources • Current Events The Industrial and Electronic • Chapter Quiz Revolutions 280 281 What are fair working conditions? You are a 15-year-old living in England where the Industrial Revolution has spurred the growth of thousands of factories. Cheap labor is in great demand. Like millions of other teenagers, you do not go to school. Instead, you work in a factory 6 days a week, 14 hours a day. The small pay you receive is needed to help support your family. You trudge to work before dawn every day and work until after sundown. Inside the workplace the air is hot and foul, and after sunset it is so dark it is hard to see. -
Smashing Cosmopolitanism: the Neo-Liberal Destruction of Cosmopolitan Education in East-Central Europe
Smashing Cosmopolitanism: The Neo-liberal Destruction of Cosmopolitan Education in East-Central Europe Robert J. Imre University of Newcastle Zsuzsa Millei University of Newcastle Critiques that seek to examine cosmopolitanism as a concept suffer from a severe popularity problem. Rather than engage in this pro/con debate, we are interested in demonstrating that cosmopolitanism can wax and wane, ebb and flow, and has appeared as a grounding ideology for educational programs before, only to be torn asunder by those seeking to consolidate regime change. We do not suggest that cosmopolitanism is good and righteous politics, normatively opposed to or supporting patriotism, nor is it ideologically left, right or centre. We see a burgeoning cosmopolitan outlook in a particular time and place, that was smashed by political and social forces both unforeseen and powerful, changing foundational concepts of education in East-Central Europe in general and Hungary in particular. s a popular concept in the English-speaking world, cosmopolitanism conjures up notions of a well-read, well-fed, bourgeoisie with economic and social capacities to move around the worldA using their networks and sophisticated understandings of cultural diversity. A cosmopolitan understanding of the world encompasses a commitment to universal human rights, universal human potential, and a deeply embedded acceptance of difference and diversity. These ideas are core parts of a universalist frame of reference, and a philosophical underpinning of a particular view of the modern world held during the Industrial Revolution until today (Held, 2003). This paper challenges the idea that cosmopolitanism exists exclusively in the post-Cold War period in East-Central Europe, and also challenges the idea that the Hungarian education system was a monolithic neo-Stalinist version of ‘ideology expression’. -
When the Periphery Became More Central: from Colonial Pact to Liberal Nationalism in Brazil and Mexico, 1800-1914 Steven Topik
When the Periphery Became More Central: From Colonial Pact to Liberal Nationalism in Brazil and Mexico, 1800-1914 Steven Topik Introduction The Global Economic History Network has concentrated on examining the “Great Divergence” between Europe and Asia, but recognizes that the Americas also played a major role in the development of the world economy. Ken Pomeranz noted, as had Adam Smith, David Ricardo, and Karl Marx before him, the role of the Americas in supplying the silver and gold that Europeans used to purchase Asian luxury goods.1 Smith wrote about the great importance of colonies2. Marx and Engels, writing almost a century later, noted: "The discovery of America, the rounding of the Cape, opened up fresh ground for the rising bourgeoisie. The East-Indian and Chinese markets, the colonisation of America [north and south] trade with the colonies, ... gave to commerce, to navigation, to industry, an impulse never before known. "3 Many students of the world economy date the beginning of the world economy from the European “discovery” or “encounter” of the “New World”) 4 1 Ken Pomeranz, The Great Divergence , Princeton: Princeton University Press, 2000:264- 285) 2 Adam Smith in An Inquiry into the Nature and Causes of the Wealth of Nations (1776, rpt. Regnery Publishing, Washington DC, 1998) noted (p. 643) “The colony of a civilized nation which takes possession, either of a waste country or of one so thinly inhabited, that the natives easily give place to the new settlers, advances more rapidly to wealth and greatness than any other human society.” The Americas by supplying silver and “by opening a new and inexhaustible market to all the commodities of Europe, it gave occasion to new divisions of labour and improvements of art….The productive power of labour was improved.” p. -
The Industrial Revolution in Services *
The Industrial Revolution in Services * Chang-Tai Hsieh Esteban Rossi-Hansberg University of Chicago and NBER Princeton University and NBER May 12, 2021 Abstract The U.S. has experienced an industrial revolution in services. Firms in service in- dustries, those where output has to be supplied locally, increasingly operate in more markets. Employment, sales, and spending on fixed costs such as R&D and man- agerial employment have increased rapidly in these industries. These changes have favored top firms the most and have led to increasing national concentration in ser- vice industries. Top firms in service industries have grown entirely by expanding into new local markets that are predominantly small and mid-sized U.S. cities. Market concentration at the local level has decreased in all U.S. cities but by significantly more in cities that were initially small. These facts are consistent with the availability of a new menu of fixed-cost-intensive technologies in service sectors that enable adopters to produce at lower marginal costs in any markets. The entry of top service firms into new local markets has led to substantial unmeasured productivity growth, particularly in small markets. *We thank Adarsh Kumar, Feng Lin, Harry Li, and Jihoon Sung for extraordinary research assistance. We also thank Rodrigo Adao, Dan Adelman, Audre Bagnall, Jill Golder, Bob Hall, Pete Klenow, Hugo Hopenhayn, Danial Lashkari, Raghuram Rajan, Richard Rogerson, and Chad Syverson for helpful discussions. The data from the US Census has been reviewed by the U.S. Census Bureau to ensure no confidential information is disclosed. 2 HSIEH AND ROSSI-HANSBERG 1. -
Civil Society in the Fourth Industrial Revolution: Preparation and Response
Civil Society in the Fourth Industrial Revolution: Preparation and Response In collaboration with Pact January 2019 World Economic Forum 91‑93 route de la Capite CH‑1223 Cologny/Geneva Switzerland Tel.: +41 (0)22 869 1212 Fax: +41 (0)22 786 2744 Email: [email protected] www.weforum.org This Document has been published by the World Economic Forum as a contribution to a project, © 2019 World Economic Forum. All rights insight area or interaction. The findings, interpretations and conclusions expressed herein are a re‑ reserved. No part of this publication may be sult of a collaborative process facilitated and endorsed by the World Economic Forum, but whose reproduced or transmitted in any form or by any results do not necessarily represent the views of the World Economic Forum, nor the entirety of its means, including photocopying and recording, or Members, Partners or other stakeholders. by any information storage and retrieval system. Contents Executive summary 4 Introduction 5 Section 1: Civil society use of digital 7 and emerging technologies Section 2: Civil society response 10 to Fourth Industrial Revolution challenges Section 3: Cross‑cutting considerations for civil society in an 13 emerging Fourth Industrial Revolution Conclusion 18 Contributors 19 Appendices 20 Endnotes 22 Civil Society in the Fourth Industrial Revolution: Preparation and Response 3 Executive summary Grasping the opportunities and managing the challenges of – Motivations: What is driving civil society organizations’ the Fourth Industrial Revolution require a thriving civil society motivations to use technology? What problems are they deeply engaged with the development, use and governance trying to innovate for? of emerging technologies. -
Removing the Rust: Comparative Post-Industrial Revitalization in Buffalo, Cleveland, and Pittsburgh Scott Icholn As Duryea Old Dominion University
Old Dominion University ODU Digital Commons Graduate Program in International Studies Theses & Graduate Program in International Studies Dissertations Spring 2015 Removing the Rust: Comparative Post-Industrial Revitalization in Buffalo, Cleveland, and Pittsburgh Scott icholN as Duryea Old Dominion University Follow this and additional works at: https://digitalcommons.odu.edu/gpis_etds Part of the Growth and Development Commons, Political Economy Commons, Political Science Commons, and the Urban Studies and Planning Commons Recommended Citation Duryea, Scott ..N "Removing the Rust: Comparative Post-Industrial Revitalization in Buffalo, Cleveland, and Pittsburgh" (2015). Doctor of Philosophy (PhD), dissertation, International Studies, Old Dominion University, DOI: 10.25777/3dpq-4x74 https://digitalcommons.odu.edu/gpis_etds/41 This Dissertation is brought to you for free and open access by the Graduate Program in International Studies at ODU Digital Commons. It has been accepted for inclusion in Graduate Program in International Studies Theses & Dissertations by an authorized administrator of ODU Digital Commons. For more information, please contact [email protected]. REMOVING THE RUST: COMPARATIVE POST-INDUSTRIAL REVITALIZATION IN BUFFALO, CLEVELAND, AND PITTSBURGH by Scott Nicholas Duryea B.A. May 2006, John Carroll University M.A. December 2009, East Carolina University M.A. July 2011, East Carolina University A Dissertation Submitted to the Faculty of Old Dominion University in Partial Fulfillment of the Requirements for the Degree of DOCTOR OF PHILOSOPHY INTERNATIONAL STUDIES OLD DOMINION UNIVERSITY March 2015 Approved by: David Earnest (Director) V) Simon Serfaty (Member) KwrrfFiler (Member) ABSTRACT REMOVING THE RUST: COMPARATIVE POST-INDUSTRIAL REVITALIZATION IN BUFFALO, CLEVELAND, AND PITTSBURGH Scott Nicholas Duryea Old Dominion University, 2015 Director: Dr. -
The Overview of the Conservation and Renewal of the Industrial Belgian Heritage As a Vector for Cultural Regeneration
information Review The Overview of the Conservation and Renewal of the Industrial Belgian Heritage as a Vector for Cultural Regeneration Jiazhen Zhang 1, Jeremy Cenci 1,* , Vincent Becue 1 and Sesil Koutra 1,2 1 Faculty of Architecture and Urban Planning, University of Mons, Rue d’ Havre, 88, 7000 Mons, Belgium; [email protected] (J.Z.); [email protected] (V.B.); [email protected] (S.K.) 2 Faculty of Engineering, Erasmus Mundus Joint Master SMACCs, University of Mons, 7000 Mons, Belgium * Correspondence: [email protected]; Tel.: +32-498-79-1173 Abstract: Industrial heritage reflects the development track of human production activities and witnessed the rise and fall of industrial civilization. As one of the earliest countries in the world to start the Industrial Revolution, Belgium has a rich industrial history. Over the past years, a set of industrial heritage renewal projects have emerged in Belgium in the process of urban regeneration. In this paper, we introduce the basic contents of the related terms of industrial heritage, examine the overall situation of protection and renewal in Belgium. The industrial heritage in Belgium shows its regional characteristics, each region has its representative industrial heritage types. In the Walloon region, it is the heavy industry. In Flanders, it is the textile industry. In Brussels, it is the service industry. The kinds of industrial heritages in Belgium are coordinate with each other. Industrial heritage tourism is developed, especially on eco-tourism, experience tourism. The industrial heritage in transportation and mining are the representative industrial heritages in Belgium. -
01 2019 Mahnkopf the 4Th Wave of Industrial Revolution
Discussion Paper No. 01/2019 The '4 th wave of industrial revolution' – a promise blind to social consequences, power and ecological impact in the era of 'digital capitalism' Author: Birgit Mahnkopf Executive summary In many countries, government agencies, business and employers’ associations, CEOs from big corporations, but also academia and even trade union leaders seem to be convinced that the 'digitalization' of society and economy is an unstoppable accelerating process, which can and should be shaped in favour of workers. Furthermore, it is argued that digital technologies offer potential for low-carbon transformation of energy and mobility systems, the circular economy and the protection of ecological systems. Yet it is not very clear how far digitalization can be linked to societal goals and whether it can be placed at the services of a global transformation towards ecological sustainability. It will be argued that a digitalization of the economy (and the society at large) is still a concept of what could be rather than what is. Therefore, this concept should not be taken as a given. Instead we should consider all the challenges and risks of this trend and then consider, whether we should resist or foster the trend. Therefore, in addition to the social consequences of a further substitution of human labour by machines and algorithms also the ecological implications of digital production system must be considered. It can be taken for granted that producers will only automate if doing so is profitable. But for profits to occur, producers need firstly, cheap raw materials and cheap energy and secondly, a market to sell.