Inventors and Inventions

Technological change spurred growth of industry primarily in northern cities.

Inventions/Innovations Corporation (limited liability) The doctrine of limited liability simply says that “shareholders are not liable for the obligations of the corporation, beyond their capital investment”.1  Limited liability means that a person who pays $100 for shares risks that $100, but no more. Similarly, a person who buys a bond for $100, or sells goods to the company for $100 on credit, risks $100, but no more.  No one risks more than he or she invests.  When a business fails, the shareholders are the ones to have their investment wiped out first, but each investor has a guaranteed maximum on the loss he or she must bear. Why it is important It was not always this way.  Collective financial endeavours were historically carried on via partnerships.  If they failed, the partners were personally liable for all the venture’s debts and obligations.  When a poor investment means losing not merely the money you put in, but everything else you own as well, you will be pretty cautious about investing – and reluctant to invest at all without direct oversight and control over the venture.  Limited liability solves this problem.  It encourages and enables invention, risk and, most obviously, investment.  It is the reason markets exist and can diversify.  It is the reason that firms can raise capital at a low cost.  Investors can have diversified portfolios and invest in riskier ventures, without having any management control, because they know that they risk no more than their investment.  Those requiring capital for new ventures can therefore attract the investment they need without having to give up (too much) control.  

Bessemer steel process ssemer process,  the first method discovered for mass-producing steel. Though named after Sir Henry Bessemer of England, the process evolved from the contributions of many investigators before it could be used on a broad commercial basis. he Bessemer converter is a cylindrical steel pot approximately 6 m (20 feet) high, originally lined with a siliceous refractory. Air is blown in through openings (tuyeres) near the bottom, creating oxides of silicon and manganese, which become part of the slag, and of carbon, which are carried out in the stream of air. Within a few minutes an ingot of steel can be produced, ready for the forge or rolling mill.

Thomas Edison Light bulb and electricity as a source of power and light Video

Alexander Graham Bell Telephone

Wright brothers Airplane

Henry Ford Assembly-line manufacturing

Histeria