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nsportation of goods, national railway work had not yet arrived ? Waterways used for long distance transportation was still in initial stages of development ? With poor transportation, producers were limited to local markets Communication in 1840 ? 缺乏基礎(chǔ)的通信手段致使無法設(shè)置分支機(jī)構(gòu)。影響鐵路的運(yùn)營時(shí)刻,從而阻礙了遠(yuǎn)距離商品傳送 ? Postal service which was the dominant mode of long distance munication still relied on the horse ? 郵費(fèi)昂貴,且郵遞的速度取決于天氣,以致于重要郵件自己傳遞 ? Telegraph was still in an early stage and was very expensive to use Finance in 1840 ? Most businesses were partnerships and they found it difficult to obtain long term debt ? Shares of stock were not easily traded and cost of capital was high ? No institutional mechanism existed for handling business risk ? Futures trading 第一個(gè)期貨市場 1858年在芝加哥成立 Production Technology in 1840 ? Most factories used century old methods of production ? Use of standardized parts (prevalent in clocks and guns then) was just beginning ? Factories operated on the basis of internal contracts with supervisors leasing space, hiring workers and producing the goods Government in 1840 ? Government was involved in large infrastructure investments such as canals and railroads ? Government also resolved mercial disputes and set the rules of the game for the businesses ? 制訂標(biāo)準(zhǔn)(例如時(shí)間標(biāo)準(zhǔn)) Doing Business in 1840 ? Numerous intermediaries ? Farmers to factors to brokers agents to buyers ? Substantial price risk for participants Business in 1840 ? Technology limited production to traditional levels ? Without transportation infrastructure and access to large markets, mass production technologies would not have been useful Business in 1840 ? Without munication infrastructure, information on prices, sellers and buyers were not readily available ? Given the tremendous risk, banks were unwilling to finance business expansion ? Under these conditions, businesses were small and informally anized The world of 1910 Business Conditions in 1910 ? Mass production technologies made possible high volume low cost manufacture of goods(大規(guī)模生產(chǎn)過程、流水線、打字機(jī)、復(fù)寫紙、加法機(jī)、垂直報(bào)告系統(tǒng)