MGT5031: Assignment #1 July 9, 2006
Posted by thinkphd in : MGT5031 , trackbackAfter reading the six chapters in the Wren book as well as the resources available on the course page, I decided on a topic for Assignment #1:
For your first assignment, select an industry that you believe was profoundly changed during the industrial revolution. Describe the nature of the industry before, during and after the industrial revolution. Discuss and describe how the management of the industry and within the industry was changed by the industrial revolution.
The most obvious choice would have been the textile industry. I found a bunch of material on textiles. Not me - I chose the oil and petroleum industry. Here is the abstract:
Abstract
Although the uses of oil and petroleum were known for centuries in the Muslim world, the successful drilling and collection in large economic quantities did not occur until 1859 in Pennsylvania. During the Industrial Revolution, entrepreneur John D. Rockefeller realized oil’s potential as an energy source and purchased the complete supply chain from mining to distribution. The resulting monopoly led to the introduction of legislation to combat big business in the United States. After the Industrial Revolution, the industry continued to provide fuel to power the machines and the technology that led to sweeping economic developments in transportation and industry. Oil became the fuel that turned the United States into a great industrial power in the 20th century.
The assignment took many hours of research because of the nature of the topic. So many sources focused on Rockefeller, and generally ignored the industry itself. My daughter and husband read my paper and made some corrections and suggestions. I held my breath and turned it in to Dr. Crake.
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