The Development of Banking in the Industrial Revolution

As well as industry, banking also developed during the Industrial Revolution as the demands of entrepreneurs in industries like steam  led to a vast expansion of the financial system. Banking Before 1750 Before 1750, the traditional ‘start date’ for the Industrial revolution, paper money and commercial bills were used in England, but gold and silver were preferred for major transactions and copper for daily trading. There were three tiers of banks already in existence, but only in limited numbers. The first was the central Bank of England. This has been created in 1694 by William of Orange to fund wars and had become a foreign exchange storing foreign country’s gold. In 1708 it was given the monopoly on Joint Stock Banking (where there’s more than 1 shareholder) to try and make it more powerful, and other banks were limited in size and resources. Joint stock was declared illegal by the Bubble Act of 1720, a reaction to the great losses of the collapse of the South Sea Bubble. A second tier was provided by less than thirty Private Banks, which were few in number but growing, and their main customer was merchants and industrialists. Finally, you had the county banks which operated in a local area, e.g., just Bedford, but there were only twelve in 1760. By 1750 private banks were increasing in status and business, and some specialization was occurring geographically in London. The Role of Entrepreneurs in the Industrial Revolution Malthus called entrepreneurs the ‘shock troops’ of the industrial revolution. This group of individuals whose investment helped spread the revolution were based mainly in the Midlands, a center  for industrial growth. Most were middle class and well educated, and there were a substantial number of entrepreneurs from non-conformist religions like the Quakers. They have been characterized as feeling they had to be challenged, had to organize and succeed, although they ranged in size from major captains of industry to small-scale players. Many were after money, self-improvement, and success, and many were able to buy into the landowning elite with their profits. The entrepreneurs were capitalists, financiers, works managers, merchants, and salesmen, although their role changed as the business developed and the nature of enterprise evolved. The first half of the industrial revolution saw just one individual running the companies, but as time went on shareholders and joint stock companies emerged, and management had to change to cope with specialized positions. Sources of Finance As the revolution grew and more opportunities presented themselves, there was a demand for more capital. While technology costs were coming down, the infrastructure demands of large factories or canals and railways were high, and most industrial businesses needed funds to start up and get started. Entrepreneurs had several sources of finance. The domestic system, when it was still in operation, allowed for capital to be raised as it had no infrastructure costs and you could reduce or expand your workforce rapidly. Merchants provided some circulated capital, as did aristocrats, who had money from land and estates and were keen to make more money by assisting others. They could provide land, capital, and infrastructure. Banks could provide short-term loans, but have been accused of holding the industry back by the legislation on liability and joint-stock. Families could provide money, and were always a trusted source, as here the Quakers, who funded key entrepreneurs like the Darbys (who pushed forward Iron production.) The Development of the Banking System By 1800 private banks had increased in number to seventy, while county banks increased rapidly, doubling from 1775 to 1800. These were set up mainly by businessmen who wanted to add banking to their portfolios and satisfied a demand. During the Napoleonic Wars, the banks came under pressure from panicking customers making cash withdrawals, and the government stepped in to restrict withdrawals to just paper notes, no gold. By 1825 the depression which followed the wars had caused many banks to fail, leading to a financial panic. The government now repealed the Bubble Act and allowed joint-stock, but with unlimited liability. The Banking Act of 1826 restricted the issuing of notes—many banks had issued their own—and encouraged the formation of joint stock companies. In 1837 new laws gave joint-stock companies the ability to acquire limited liability, and in 1855 and 58 these laws were expanded, with banks and insurance now given limited liability which was a financial incentive for investment. By the end of the nineteenth century, many local banks had amalgamated to try and take advantage of the new legal situation. Why the Banking System Developed Long before 1750 Britain had a well-developed money economy with gold, copper, and notes. But several factors changed. The growth in wealth and business opportunities increased the need for both somewhere for money to be deposited, and a source of loans for buildings, equipment and—most crucially—circulating capital for everyday running. Specialist banks with knowledge of certain industries and areas thus grew up to take full advantage of this situation. Banks could also make a profit by keeping a cash reserve and lending out sums to gain interest, and there were many people interested in profits. Did Banks Fail Industry? In the US and Germany, industry used their banks heavily for long-term loans. Britons didn’t do this, and the system has been accused of failing industry as a result. However, America and Germany started at a higher level, and needed much more money than Britain where banks weren’t required for long-term loans, but instead for short-term ones to cover small shortfalls. British entrepreneurs were skeptical of banks and often preferred older methods of finance for start-up costs. Banks evolved along with British industry and were only a part of the funding, whereas America and Germany were diving into industrialization at a much more evolved level.

Billy Elliot - 1277 Words

Billy Elliot Traditional ideas about stereotypical gender roles can be challenged or supported with different characters and environments. The visual text Billy Elliot was created in 2000 and directed by Stephen Daldry. The film is about an 11 year old boy (Billy Elliot) who tries to pursue a career in Ballet despite negative stereotyping. Billy must overcome many obstacles in his path including his stereotypical father and brother who are convinced that men cannot do Ballet. Billy Elliot demonstrates that traditional masculinity is restrictive and makes men feel trapped. He does this by following his dreams to be a ballet dancer proving that he could still be masculine and successful. Topics such as symbolism, setting, characterisation†¦show more content†¦Billy shows the world that being creative and expressing yourself can lead you to follow your dreams and be happy. The unsuccessful characters in the visual text were Jacky (father) and Tony (brother). The town expects men to be masc uline and miners. Jacky was unsuccessful as he had stood up for himself and the miners’ strike yet lost the battle to the government. 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Movie Plot Summary Days of Heaven Essay Example For Students

Movie Plot Summary Days of Heaven Essay Act 1 Bill (Richard Gere) escapes from Chicago to Texas, because he accidentally killed a foreman. He went there with his younger sister Linda (Linda Manz), and his girlfriend Abby (Brook Adams). To get the work of sackers Bill has to lie to foreman about prior experience and in order to avoid suspects Abby and Bill pretend to be a brother and sister. While working on the wheat field in Texas, the owner of this farm started to like Abby, and he asked her to be with him. While time was going Bill founds out that the farmer is very sick and he has only a few months to live. Even though Bill was jealous, this information still forced him to tell Abby to get married with him, so they can get rid of a hard labor on the field. Act 2 After wedding Abby, Linda and Bill are leaving such a beautiful life, without slavering they are enjoying of their life. Playing around, having a good food, what else can be better? But life brings difficult circumstances. Abby cannot understand herself, she does not know who she wants to be with. The time has passed by and the farmer still was healthy, in other words plan of the lovers did not work. During the visit of Italian circus the farmer starts to suspect Bill and Abby, he has started to think that they are lying to him and he thinks that they are lovers. After having a small domestic fight, Abby tells everything to Bill and he decided to live their house with a circus troupe. The whole year Abby was leaving a nice life with her husband, but Bill got back. He realizes that Abby actually fall in love with the farmer and he does not blame her for that, he tells her that he is going to leave them alone. While having the final embrace, the farmer sees the truth, he understand that Abby and Bill are lovers. He wants to attack Bill, but the huge plaque of locust stops him. Everybody started to help with efforts to burn this out, so does Bill. Despite, the farmer attacks him. It did not workout, but the next morning Bill and farmer get into fight again, the farmer dies. Bill takes Abby and Linda away in the farmer’s car. Act 3 Later on they sale this car and get a boat instead of it. While traveling down the river, Linda narrates their emotions. She tells how Abby is struggling; she thinks that it was her fault. Eventually they stop in a peaceful place and decided to stay there. Couple days later in the morning, while walking through the woods Bill see the posse. With the help of foreman these guys find this trio. Bill runs to his ladies, grabs a gun and trying to escape, but in the fight bill gets shot down. After all this Abby takes Linda to a school of her dream, which is a dancing school, and after she leaves on the train with a soldiers going off to a World War II. In the end of a film, Linda and her best friend (Jackie Shultis) run away. I have divided this film in these three acts, because I can see the sense of it more clearly. First act it is an introduction to a story. We can see the reason of why Bill, Abby and Linda are forced to flee from Chicago, then the author introduces us to a place where they have to be and also he shows us how the story is going to develop, in other words he introduces us to the farmer. In my opinion the first act ends at the point where farmer makes a proposal to Abby, because it is slightly convey us to a mid. art, which is an elaboration of a problem. .u46689944e7500447350a4624b0c692e2 , .u46689944e7500447350a4624b0c692e2 .postImageUrl , .u46689944e7500447350a4624b0c692e2 .centered-text-area { min-height: 80px; position: relative; } .u46689944e7500447350a4624b0c692e2 , .u46689944e7500447350a4624b0c692e2:hover , .u46689944e7500447350a4624b0c692e2:visited , .u46689944e7500447350a4624b0c692e2:active { border:0!important; } .u46689944e7500447350a4624b0c692e2 .clearfix:after { content: ""; display: table; clear: both; } .u46689944e7500447350a4624b0c692e2 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u46689944e7500447350a4624b0c692e2:active , .u46689944e7500447350a4624b0c692e2:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u46689944e7500447350a4624b0c692e2 .centered-text-area { width: 100%; position: relative ; } .u46689944e7500447350a4624b0c692e2 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u46689944e7500447350a4624b0c692e2 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u46689944e7500447350a4624b0c692e2 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u46689944e7500447350a4624b0c692e2:hover .ctaButton { background-color: #34495E!important; } .u46689944e7500447350a4624b0c692e2 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u46689944e7500447350a4624b0c692e2 .u46689944e7500447350a4624b0c692e2-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u46689944e7500447350a4624b0c692e2:after { content: ""; display: block; clear: both; } READ: The Heroic Story of Ayrton Senna EssayThe second part is an actual problem; there we can see what is going on and how the story reveals for the audience. The second part has to be ended with a moment when Bill takes the ladies and run away with him, because in my opinion this moment closes the whole problem and basically from now on the viewer will starts to think how is going to end up. The last part starts with a preview of how they got a boat and from this point it goes to the end of narrative. Exposition Chicago, steel mill, Bill is firing up the furnace. He starts to fight his boss and end up killing him. Bill, Linda and Abby run away to Texas to work at the farmland. In Texas the Farmer falls in Love with Abby. Rising Action Farmer makes a proposal to Abby, she agreed and starts having a pleasant life. Climax The farmers founds out that Abby is cheating on him. It was the reason of a fight with Bill, and eventually farmers got stubbed and he died immediately. Falling Action Abby, Bill and Linda run away again, and it seems like to be a better life, but posses are following them. In the fight, Bill got shot down. He is dead. Now it is only Abby and Linda. Denouement Abby took Linda to a dance school, after she left with soldiers which were going off to a World War II. With these scenes we can understand what is going on in this story. It is clearly explained who is who and why these heroes take this places. To understand the purpose of a story we do not need an expanded script. All we have to see is the short and clear concept of the film. Even the short story, which in reality takes hour and a half to tell, can be interested if it has been explained correctly and with all-important details.

The Music Of Mozart Essays - The Jilting Of Granny Weatherall

The Music Of Mozart What are the thoughts that go through the minds of those who near death? These are the questions at the heart of A Clean, Well-Lighted Place written by Ernest Hemmingway and Katherine Porter's The Jilting Of Granny Weatherall. The main focus of A Clean, Well-Lighted Place is on the pain of old age suffered by a man that we meet in a cafe late one night. Hemingway contrasts light and dark to show the difference between this man and the young people around him, and uses his deafness as an image of his separation from the rest of the world. Similarly, in The Jilting Of Granny Weatherall, Porter discusses the regrets of an old woman revealed by her reactions to her being left at the altar and her slow death sixty years later. Near the end of both stories, the authors show us the desperate emptiness of a life near finished without the fruit of its labor, and the aggravation of the old restless mind that cannot find peace. Throughout the stories stark images of desperation show the lives o f the two main characters at a point when they have realized the futility of life. In the story, The Jilting of Granny Weatherall, written by Katherine Porter, Granny Weatherall is a character of depth. Her name is synomonous with her character. Three main qualities of her character are her strength, her endurance, and her vulnerability. Her strength is not so much physical but mental. She lies upon her bed contemplating all that she needs to do. Her daughter Cornelia does not even come close to handling affairs as well as she does in her own mind. In addition, she tell the Doctor Leave a well women alone...I'll call you when I need you. She does not like the patronizing position that she finds herself in. The fact that she has already avoided death once seems to add to her image of strength. As we follow her mental ramblings we obtain insight to her character as a woman that has endured heartache as well as hardship. She has managed to survive the lost of a child as well as being left at the alter - twice. However, when we realize that Death has come to visit Granny Weatherall she is left vulnerable to an issue that is not up for discussion. She states also that she needs to burn her letters so as not to appear sensitive to her children in the event that they should read them. The entire setting also depicts Granny as vulnerable and in need of assistance. Music