Read the summary and the most important questions on Business History Complexities and Comparisons | 9780415423977 | Franco Amatori; Andrea Colli

• 1 Different theories of the firm

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• Characteristics of neoclassical firm acoording to Adam Smith

  * perfect information

  * operates at full efficiency

  * price taker

  * technology is exogenous

  * highly competitive environment

• 2 The entrepreneur

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• First Industrial revolution

  many entrepeneurs were found in the textile industry

• 3 Manufacturing before the industrial revolution

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• Industrial Revolution characteristics

  * phenomenon beneath Economic Growth

  *  presupposes sectoral shift, from Agriculture to Industry

  * presupposes shifts within the industrial sector, from old to new industries 

  * also a phase of Social Innovation.

  * mainly a change in technology (mechanisation & energy consumption)

  
  

  
  

• Preindustrial Europe: general features

  * During the three centuries preceding the Industrial Revolution, the economy gradually become more dynamic

  * to important innovations in agriculture and actually speak of a first “Agriculture Revolution”. 

  * Primary sector was the biggest

  * Preindustrial Europe was not homogeneous

• Guild (dis)advantages

  * they organized, managed capital, monitored quality standards,         provided protection and stability 

  * But: maintain relatively high prices, innovation was dicouraged.

• 4 First Industrial Revolution

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• European countries enjoyed a stable position 

   thanks to their productive specialization in manufacturing. 

  
  

  (and use of factor endowments and available technologies)

• British competitive advantage

  * In manufacturing, product innovations and new ways of organizing the production process 

  * Quality of the products was improving

  * Cluster of innovation

  * Exported manufactures and imported the food and raw material that could be produced cheaper elsewhere.

   
  

   
  

• ownership, control, and management

  * the emergence of a more diverse array of business people  

  * finding and managing a quantify of fixed assets and a labor force 

  * Small family organizations could, with decent leadership, adapt rather easily to new systems of manufacturing. 

• characteristics of the production process

  * Lower the cost of information

  * Share knowledge more efficiently.

  * Disconnected process of production, separated into phases

  * Older forms of manufacture had to adjust to the competition of the low-priced

• 6 Importance of infrastructure

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• railway companies were the first to introduce

  -          Ongoing worker recruitment

  -          Establish fixed salaries

  -          Defining a clear internal hierarchy with established career paths

  -          Rudimentary system of insurance and pensions for their employees

  -          A greater say how things operated for employees and accepting worker unions