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Module 4. Discussion New Business Practices

Module 4. Discussion New Business Practices

Q In the late nineteenth century, after applying technological innovations and advancements brought by the Second Industrial Revolutions, businesses also transformed their operations and marketing. Industrial Capitalism, an economic system based on a free market in which all enterprises are privately owned, fully replaced eighteenth-century economic views about merchant capitalism. Imagine you’re a business owner and you are implementing plans to adapt to new opportunities provided by Industrial Capitalism. To complete your discussion assignment, please do the following: • Write two short paragraphs explaining what you plan to do and why. Be sure you answer the following: o Identify the largest changes to business practices that happened during this time, and choose one that you would do as a business owner? o How did these new business practices respond to boom-and-bust changes in the economy? o How did these practices encourage economic inequalities and dangerous working and living conditions? How did they lay the groundwork for the birth of unions? • When you are done, post your paragraphs to the discussion forum.

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There had been enhanced professional and personal levels of communication because of the availability of transatlantic telegraph cables (Montoya et al., 2017). The telephone had also assisted in making business communication more efficient and rapid. There had been availability of Bessemer steel process (Montoya et al., 2017). This process had made things easier because business owners would be able to be achieve higher profits from selling of finished goods. The products obtained from the Bessemer steel process had been more efficient and did not cost much for the business owners (Montoya et al., 2017).