INDUSTRIAL REVOLUTION (1750-1850)
The Industrial Revolution was a major shift of technological, socioeconomic, and cultural conditions in the late 18th century and early 19th century. It began in Britain and spread throughout the world. During that time, an economy based on manual labour was replaced by one dominated by industry and the manufacture of machinery. It began with the mechanization of the textile industries, the development of iron-making techniques and the increased use of refined coal. Trade expansion was enabled by the introduction of canals, improved roads and railways. The introduction of steam power and powered machinery (mainly in textile manufacturing) underpinned the dramatic increases in production capacity.The development of all-metal machine tools in the first two decades of the 19th century facilitated the manufacture of more production machines for manufacturing in other industries.
The period of time covered by the Industrial Revolution varies with different historians. Eric Hobsbawm held that it 'broke out' in the 1780s and was not fully felt until the 1830s or 1840s, while T.S. Ashton held that it occurred roughly between 1760 and 1830.
The effects spread throughout Western Europe and North America during the 19th century, eventually affecting most of the world. The impact of this change on society was enormous.
The first Industrial Revolution merged into the Second Industrial Revolution around 1850, when technological and economic progress gained momentum with the development of steam-powered ships, railways, and later in the nineteenth century with the internal combustion engine and electrical power generation.
It has been argued that GDP per capita was much more stable and progressed at a much slower rate until the Industrial Revolution and the emergence of the modern capitalist economy, and that it has since increased rapidly in capitalist countries.
Some twentieth century historians such as John Clapham and Nicholas Crafts have argued that the process of economic and social change took place gradually and the term revolution is not a true description of what took place. This is still a subject of debate amongst historians.
The Industrial Revolution did not in fact end in Britain in the mid-1800s. New periods came in with electricity and the gasoline engine. By 1850, however, the transformation wrought by the revolution was accomplished, in that industry had become a dominant factor in the nation. Between 1760 and 1860, technological progress, education, and an increasing capital stock transformed England into the workshop of the world. The industrial revolution, as the transformation came to be called, caused a sustained rise in real income per person in England and, as its effects spread, the rest of the Western world. Historians agree that the industrial revolution was one of the most important events in history, marking the rapid transition to the modern age, but they disagree vehemently about various aspects of the event. Of all the disagreements, the oldest one is over how the industrial revolution affected ordinary people, usually called the working classes. One group, the pessimists, argues that the living standards of ordinary people fell. Another group, the optimists, believes that living standards rose life.
As the 18th cent. began, an expanding and wealthier population demanded more and better goods. In the productive process, coal came to replace wood. Early-model steam engines were introduced to drain water and raise coal from the mines. The crucial development of the Industrial Revolution was the use of steam for power, and the greatly improved engine (1769) of James Watt marked the high point in this development. Cotton textiles was the key industry early in the Industrial Revolution. John Kay's fly shuttle (1733), James Hargreaves's spinning jenny (patented 1770), Richard Arkwright's (1769), Samuel Crompton's water framemule (1779), which combined the features of the jenny and the frame, and Edmund Cartwright's power loom (patented 1783) facilitated a tremendous increase in output. The presence of large quantities of coal and iron in close proximity in Britain was a decisive factor in its rapid industrial growth. The use of coke in iron production had far-reaching effects. The coal mines from the early 1700s had become paramount in importance, and the Black Country appeared in England at the same time that Lancashire and Yorkshire were being transformed into the greatest textile centers of the world. Factories and industrial towns sprang up. Canals and roads were built, and the advent of the railroad and the steamship widened the market for manufactured goods. The Bessemer process made a gigantic contribution, for it was largely responsible for the extension of the use of steam and steel that were the two chief features of industry in the middle of the 19th cent. Chemical innovations and, most important of all, perhaps, machines for making machines played an important part in the vast changes.
The First World War
The world war mobilized continents with huge armies and resources into a global conflict which proved to be a prolonged war of stalemate. It manifested the industrialization of war and leveraged mass production, mass transportation, and mobilization of vast armies. By 1918 the logistical operation supplying the British Expeditionary Force was the largest the world had ever seen. This further accelerated work in planning and supplying.
Between the World Wars and Business Management
Between the two wars new disciplines were added to the study of business management notably, human relationships (between employer and employee), an evolution in marketing (and its importance) and industrial human relations school of management arose to deal with the practical problems caused by Taylorism and the grindless repetition of tasks.
Project engineers developed or adapted coordination techniques that gave the managers control over the progress of the project but did not attempt to dictate to specialized experts how to do their work. MIT professor Erwin Schell articulated this philosophy, telling students in the 1930's, "The work of the engineers in most departments is not sufficiently routinized to allow process control. The most satisfactory policy appears to be that of employing competent men and then holding them [responsible] for results in terms of the erection schedule, leaving ways and means largely to their individual discretion."
The Second Industrial Revolution Electricity and Combustion Engines
The very late part of the 19th century saw the second industrial revolution emerge with a host of new emerging technologies. The second, dominated by electricity and chemicals, lasted 1890-1930, and brought telephones, electrical devices, the internal combustion engine, and transportation by land (automobiles), sea (ocean going liners), and air. Epitomized by mass production of consumer goods and the mechanization of manufacture it served the needs of an increasing population.
The Third Industrial Revolution and Computers
The third, from 1930 to today, has been dominated by computers both electro-mechanical and electronic, information, and the Internet. It also saw the institutionalization of management practices into business.
The Second World War
The world war reflected the manifestation of the second industrial revolution through the mechanization of warfare or "Blitzkrieg." It was dependent on advanced machinery swiftly moving huge armies and resources, whether by land or air. The shrinking war-time labor supply demanded new organizational structures. The conflict also brought massive projects to the fore front. For example, the adaptive system created for the Battle of Britain (1940), the Collossus computers at Bletchley Park (1943) , the Normandy Invasion (1944), the Manhatten project (1945). The latter was the first evidence of modern project management, displaying principles of organization and planning. It separated the project manager (General Groves) and the technical leader (Robert Oppenheimer).
The 1950s
The development of both CPM and PERT gave project managers much greater control over massively engineered and extremely complex projects. This was vital for the military weapon systems evolving and the space race which began in 1957, one of the most complex and difficult projects undertaken by humans.
The 1960s
US Defense introduced some core project tools like earned value, and work breakdown structures. An intellectual interest in project management emerges. The construction industry begins to widely use modern project management tools and methods.
The 1970s
Project-based firms use project management as a permanent function. The Project Management Institute (PMI) and the Internet (IPMA) are established to focus on project techniques. Project Management starts to incorporate Time, Cost and Quality (TCQ), and triangulating the relationship between these with regard to the expected value to be received from the project output. There is also a focus on the growth in the importance of external factors.
The 1980s
The discipline matures and broadens to include risk management, Total Quality Management (TQM), partnering, and defining project success. The PM book of knowledge PMBOK is published and business begins to adopt the approach of “Management by Projects.”
The 1990s
The discipline pays more attention to business benefits (business case) of projects, not just production of outputs, standardization of project methodologies, and the introduction of certification. It also focuses on enterprise project management, the need to manage networks of projects, and improving project management in organizations through a maturity model.
A Watt steam engine. The steam engine that propelled the Industrial Revolution in Britain and the world
Model of the spinning jenny.
JAMES WATT; the man who invented and improved the steam-engine.
In conclusion ;
The Industrial Revolution was a period of great change. new industries developed rapidly as a result of a number of new inventions and the way in which things were produced, and the way in which people lived and worked, changed rapidly as a result of these developments.
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[ THE GREAT DEPRESSION]
It was also known as a decade of unemployment, low profits, low prices, high poverty and stagnant trade that affected the entire world in the 1930s.
Americans invested in the stock market for
six reasons during the 1920s:
1. Rising stock dividends.
New investors entering the market, many who viewed it as an easy way to get rich quick, helped inflate stock prices. Economic historians, however, estimate that a relatively small number of Americans--about 4 million--had investments in the market at any one time. Yet, the constant influx of new investors coming in and old investors moving out ensured that new money was always floating around.
2. Increase in personal savings.
Higher wages meant that even average Americans now had surplus money to put into savings or invest in the stock market.
3. Relatively easy money policy.
At this time, banks made money more readily available at lower interest rates to more and more people. Although economists debate the actual influence of this phenomenon on the stock market, it's conceivable that many people took out loans not only to buy cars, but also to buy stock.
4. Companies invested their over-production profits in new production.
From 1925 on, industry was over-producing. In anticipation of eventually selling the surplus, business leaders funneled their profits right back into industry. They invested in factories and new machinery, and hired more workers, which, in turn, fueled even greater overproduction. This increased production gave the companies an aura of financial soundness, which encouraged Americans to buy more stock.
5. Lack of stock market regulation.
At this time, there were no effective legal guidelines on buying and selling stock.
Free from such limitations, corporations began printing up more and more common stock. Many investors in the stock market practiced "buying on margin," that is, buying stock on credit.
Confident that a given stock's value would rise, an investor put a down payment on the stock, expecting in a few months to pay off the balance of their initial investment while reaping a hefty profit. This investment strategy turned the stock market into a speculative pyramid game, in which most of the money invested in the market didn't actually exist.
6. Psychology of consumption.
The Psychology of Consumption fed the optimism of investors and gave them unquestioning faith in prosperity. When the Crash did come, it was even more devastating because of this unquestioned faith.
Worst hit sectors were heavy industry, agriculture, mining and logging; least affected were white collar workers. The stock market crash of 1929 triggered the Great Depression in the United States.
It began in the United States and quickly spread to Europe and every part of the world, with devastating effects in both industrialized countries and those which export raw materials. International trade declined sharply, as did personal incomes, tax revenues, prices and profits. The main cause for the Great Depression was the combination of the greatly unequal distribution of wealth throughout the 1920's, and the extensive stock market speculation that took place during the latter part that same decade. President Herbert Hoover, underestimating the seriousness of the crisis, called it "a passing incident in our national lives," and assured Americans that it would be over in 60 days.
So as not to alarm the public, President Hoover chose his words carefully when he discussed the state of the economy in 1929. American economists and politicians had referred to previous economic downturns as "Panics," such as the "Panic of 1873" and the "Panic of 1893." Hoover, however, called this latest downturn a "Depression" rather than a "Panic," and the name stuck.
Of course, America was not alone in the Great Depression; it struck all the industrialized nations of the world, including Germany, Britain, and France.
Moreover, Germany still had huge reparation payments to make to the Allies in the aftermath of WWI. These reparation payments fueled spiraling inflation in Germany and crippled their nation's economy.
The Allies themselves had borrowed money from the United States during the war, were unable to pay it all back during the 1920s, and were now not only broke, but in debt.
Even though some of the largest banks tried to stop the value from dropping by buying as many shares as they could, nothing could stop it.
Hence, wealthy men became beggars overnight.
There were many suicides happening in the United States and around the world.
The Great Depression hit farmers especially hard.
Many had gone into debt to buy machinery and land, and now could not make their payments. Low crop prices wiped out potential profits.
In addition to the usual challenges of agriculture, a great drought took place in 1931 and 1932 in the Midwest and the South and turned much of the trans-Mississippi West into a dust bowl.
Nevertheless, if farmers couldn't make a profit selling their products, at least they could still eat, so most stayed put. In contrast to popular images of farmers leaving the land, the 1930s actually had the lowest rate of migration from farms to cities.
The depression ended in the late 1930s and caused major political changes, especially the New Deal that involved :
large scale federal relief programs,
aid to agriculture,
support for labor unions,
and the formation of the New Deal coalition by Franklin Delano Roosevelt.
The long-term memories affected the nation for decades as a consensus was reached that it would not be allowed to happen again.
The Great Depression was not a sudden total collapse;
the decline came in many fits and starts over a period of three years,
reaching the bottom in March 1933, with occasional small upward blips.
In the spring of 1930, credit was ample and available at low rates, but people feared for the future and were reluctant to add new debt by borrowing.
Prices declined across the board, but wages held steady until they started down in 1931.
Conditions were worst in farming areas where commodity prices plunged, and in mining and logging areas where unemployment was high and there were few alternative jobs.
The decline in the American economy was the motor that pulled down most other countries at first, then internal weaknesses or strengths in each country made conditions worse or better.
Business cycles are a normal part of living in a world of inexact balances between supply and demand.
What turns a usually mild and short recession or "ordinary" business cycle into a great depression is a subject of debate and concern. Scholars have not agreed on the exact causes and their relative importance.
The search for causes is closely connected to the question of how to avoid a future depression, and so the political and policy viewpoints of scholars are mixed into the analysis of historic events eight decades ago.
PROBLEMS
Many companies went bankrupt.
Those companies that were not bankrupt, cut their costs by firing some of their employees, to save themseles from going bankrupt.
Many jobs disappeared.
People became depressed and considered and attempted suicide.
Thousands went hungry.
Millions of people who lost their jobs became homeless and suffered great hardships.
Living conditions changed when multiple families crowded into small houses or apartments.
The Great Depression also brought much poverty and hopelessness.
There were also severe unemployment and many social problems
EFFECTS ON SINGAPORE
->trade and business
Singapore’s entrepot trade depended heavily on trade with other countries.
During the Depression, America and European countries, the biggest buyers of rubber and tin bought less of these goods.
Prices of rubber and tin fell, hence some business companies had to dismiss some of their workers to cut back their costs.
->Unemployment and hardships
It was very difficult to find jobs, many people suffered from unemployment and hardship.
The government had to reduce pay and cut down the number of workers.
->Government's response
The government passed out a law to reduce the number of foreign workers.
Large numbers of unemployed workers were sent back to their own countries.
___________________________________________________________________
Sources/acknowledgements:
http://en.wikipedia.org/wiki/Great_Depression
www.gusmorino.com/pag3/greatdepression/
www.bergen.org/AAST/Projects/depression/
www.pbs.org/wgbh/amex/dustbowl/peopleevents/pandeAMEX05.html
Mr. Sim’s notes on chapter 5
http://history1900s.about.com/cs/greatdepression/
http://www.britannica.com/eb/article-9037849/Great-Depression
http://en.wikipedia.org/wiki/Great_Depression_in_the_United_States http://www.english.uiuc.edu/maps/depression/photoessay.htm
The USA - Scott Harrison
http://us.history.wisc.edu/hist102/lectures/lecture18.html
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A brief introduction on Industrial Revolution Industrial Revolution was a period in which fundamental changes occurred in agriculture, textile and metal manufacture, transportation, economic policies and the social structure.This period is appropriately labeled “revolution,” for it thoroughly destroyed the old manner of doing things; yet the term is simultaneously inappropriate, for it connotes abrupt change.The Industrial Revolution was a major shift of technological, socioeconomic, and cultural conditions in the late 18th century and early 19th century. It began in Britain and spread throughout the world. During that time, an economy based on manual labour was replaced by one dominated by industry and the manufacture of machinery. It began with the mechanisation of the textile industries, the development of iron-making techniques and the increased use of refined coal. Trade expansion was enabled by the introduction of canals, improved roads and railways. The introduction of steam power (fuelled primarily by coal) and powered machinery (mainly in textile manufacturing) underpinned the dramatic increases in production capacity.The development of all-metal machine tools in the first two decades of the 19th century facilitated the manufacture of more production machines for manufacturing in other industries.
Effects on Singapore.
Increase of trade
In 1834, the British government ended the East India Company's monopoly on the China trade, allowing other British companies to enter the market and leading to a surge in shipping traffic. The trade with China was opened with the signing of the Unequal Treaties, beginning in 1842. The advent of ocean-going steamships, which were faster and had a larger capacity than sailing ships, reduced transportation costs and led to a boom in trade. AS New machines were invented. New sources of energy were also founded to drive these machines. Lots of goods were manufactured and the Europeans had to come to Asia to sell their goods. Raw materials such as rubber and tin were greatly demanded in America, Britain and other parts of Europe. As a result of the development of rubber planting a decade later Singapore grew to become the main sorting and export centre for rubber in the world.Acting as a coaling station for the Royal Navy and merchant ships, Singapore bought the rubber and tin from Malaya as Malaya had a lot of tin and rubber, and then exported them to the European countries. Besides all these, she also bought oil from Russia and America and re-exported the oil to other countries.By 1880, over 1.5 million tons of goods were passing through Singapore each year, with around 80% of it transported by steamships.The main commercial activity was entrepôt trade which flourish under no taxation and little restriction. Many merchant houses were set up in Singapore mainly by European trading firms, but also by Jewish, Chinese, Arab, Armenian, American and Indian merchants. There were also many Chinese middlemen who handled most of the trade between the European and Asian merchants.
Reason of choosing Singapore as the Port of Call
Geographical Position: Traders found Singapore a convenient place to trade. Therefore, they called at the port more often.
Free Port: The policy of free port made Singapore an attractive place to trade because traders who came to Singapore to trade did not need to pay any taxes or custom duties.
Security: British Government took action against the pirates. Traders found Singapore a safe place to trade as law and order was maintained
Free Trade: All the traders from the world were allowed call at the port, as the government did not impose any rules on them. This made the trading activities easier to be carried out
Good Services: Large trading companies provided services, which facilitated trading activities such as insurance shipping and banking
Increase of number of immigrants
The trade expanded extremely fast and attracted a lot of immigrants to
Singapore to seek for a job which explains diverse demographics of the population in Singapore in 1860s . As Singapore offered many economic opportunities and by 1860, 50000 Chinese had flocked to the island seeking their job.
How did Singapore become a prosperous country?
Singapore was a prosperous country and her tradings grew. New machines and new sources of power , e.g. the steam engine, was discovered. New machines were invented to produce more at a faster rate. This led to Singapore’s increase in trade. More traders could come to Singapore to trade and it would take a shorter time and it could be possible at any time of the year. Singapore’s economy grew and prosper as it was much more convenient to get raw materials, such as rubber and tin, much of which was shipped out through Singapore and also to find new markets. Traders came from all over the region to refuel, obtain food supplies and trade at the same time. Singapore became an important collection and distribution centre for traders. Other British companies were allowed in the market since they ended the East India Company’s monopoly on the China trade.The Industrial Revolution made Singapore closer to the rest of the world. The countries could communicate between one another as there were steamships to transport packages and important documents and letters. The Industial Revolutionhad made such a great change in the way people used to communicate, work and live. Thus I can conclude that Singapore changed since the Industrual Revoultion and continue to prosper.
The machinery industry was increasingly in the forefront of technological innovation as a result of the Economic Development Board's promotion of computer-controlled production, industrial robots, and flexible manufacturing systems. The industry's output increased by 17 percent in 1987 and 20 percent in 1988.
New inventions are invented to make the world a better place for living.
The invention of Spining Mule.
-In 1779, Samuel Crompton invented the spinning mule that combined the moving carriage of the spinning jenny with the rollers of the water frame.
The spinning mule gave the spinner great control over the weaving process. Spinners could now make many different types of yarn. Finer cloths could now be made. -With the invention of spinning mule,we get to choose a variety of cloth.
-A 10 percent growth in the fashion industry in 1987 reflected both the new trend and a strong market among Western trading partners.
Communication by Post, Telephones and Telegraph, steamship.....
- The invention of the steamship, the railroad, and the telegraph demon- straited that the establishment of more direct lines of communication was entirely practicable,Communications improved a lot because last time, people would take about four-five months just to send a message but with the introduction of the Industrial Revolution, it would only take five weeks.Thus, without the introducing or the Industrial Revolution, life would be difficult for us
The invention of the electric telegraph, transport and communications were, in almost all cases, the same thing. Various forms of transport could be used in different ways to enable people of singapore to communicate without the need for them to travel. Letters and messages have been part of humanity's cultural repertoire since before the dawn of literacy and civilisation but, by the time of the foundation of British colonies in Australia, such communication had developed into a regular industry.For all of this invention, we do not need to wait for 3 to 4 months for our letters to be sent and received to or from Europe.Instead, it took only 1 to 2 minutes when we use MSN.
Way of life
-It has drastic change and transformation from hand tools, and hand made items to machine manufactured and mass produced goods. The industrial revolution effects society because that was the time period where machines were built. If those machines weren't built, then the people in singapore will all be farmers, and growing crops or sewing their own shirts without the sewing machine! Life would be very difficult because they would have to make everything themselves if the industrial revolution never happened.This change generally helped life, but also hindered it as well. Pollution, such as co2 levels in the atmosphere rose, working conditions declined, and the number of women and children working increased. The government, the arts, literature, music and architecture and man's way of looking at life all changed during the period. Two revolutions took place, both resulting in productive but also dire consequences.
-By 1989, Singapore had become the world's largest producer of disk drives and disk drive parts. Other related products included integrated circuits, data processing equipment, telecommunications equipment, and radio receivers.
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A brief introduction on Industrial Revolution 
