Causes of Rapid Industrialization <ul><li>Steam Revolution of the 1830s-1850s. </li></ul><ul><li>The Railroad fueled the g...
Causes of Rapid Industrialization <ul><li>Technological innovations. </li></ul><ul><ul><ul><li>Bessemer and open hearth pr...
Thomas Alva Edison <ul><li>“ Wizard of Menlo Park”  </li></ul>
The Light Bulb
The Phonograph (1877)
The Ediphone or Dictaphone
The Motion Picture Camera
Alexander Graham Bell Telephone (1876)
Alternate Current George Westinghouse
Alternate Current Westinghouse Lamp ad
The Airplane Wilbur Wright  Orville Wright Kitty Hawk, NC – December 7, 1903
Model T Automobile Henry Ford I want to pay my workers so that they can afford my product!
“ Model T” Prices & Sales
U. S. Patents Granted 1790s    276 patents issued. 1990s    1,119,220 patents issued.
Causes of Rapid  Industrialization <ul><li>Unskilled & semi-skilled  labor in abundance. </li></ul><ul><li>Abundant capita...
New Business Culture <ul><li>Laissez Faire      the ideology of the    Industrial Age. </li></ul><ul><li>Individual as a ...
2.   Social Darwinism <ul><li>British economist. </li></ul><ul><li>Advocate of  laissez-faire . </li></ul><ul><li>Adapted ...
2.   Social Darwinism in America William Graham Sumner Folkways  (1906) <ul><li>Individuals must have absolute freedom to ...
New Type of Business Entities <ul><li>Pool   1887    Interstate Commerce Act      Interstate Commerce    Commission  cre...
Standard Oil Co.
New Type of Business Entities <ul><li>Trust : </li></ul><ul><ul><ul><li>Horizontal Integration     John D.   Rockefeller ...
Iron & Steel Production
New Type of Business Entities
U. S. Corporate Mergers
New Financial Businessman <ul><li>The Broker: </li></ul><ul><ul><li>J. Pierpont Morgan </li></ul></ul>
Wall Street – 1867 & 1900
The Reorganization of Work The Assembly Line
% of Billionaires in 1900
% of Billionaires in 1918
The  ‘Robber Barons’  of the Past
Cornelius [“Commodore”] Vanderbilt Can’t I do what I want with my money?
William Vanderbilt <ul><li>The public be damned! </li></ul><ul><li>What do I care about the law?  H’aint I got the power? ...
Relative Share of World Manufacturing
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Rise Of Big Business

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Rise Of Big Business

  1. 1. Causes of Rapid Industrialization <ul><li>Steam Revolution of the 1830s-1850s. </li></ul><ul><li>The Railroad fueled the growing US economy: </li></ul><ul><ul><ul><li>First big business in the US. </li></ul></ul></ul><ul><ul><ul><li>A magnet for financial investment. </li></ul></ul></ul><ul><ul><ul><li>The key to opening the West. </li></ul></ul></ul><ul><ul><ul><li>Aided the development of other industries. </li></ul></ul></ul>
  2. 2. Causes of Rapid Industrialization <ul><li>Technological innovations. </li></ul><ul><ul><ul><li>Bessemer and open hearth process </li></ul></ul></ul><ul><ul><ul><li>Refrigerated cars </li></ul></ul></ul><ul><ul><ul><li>Edison </li></ul></ul></ul><ul><ul><ul><ul><li>“ Wizard of Menlo Park” </li></ul></ul></ul></ul><ul><ul><ul><ul><li>light bulb, phonograph, motion pictures. </li></ul></ul></ul></ul>
  3. 3. Thomas Alva Edison <ul><li>“ Wizard of Menlo Park” </li></ul>
  4. 4. The Light Bulb
  5. 5. The Phonograph (1877)
  6. 6. The Ediphone or Dictaphone
  7. 7. The Motion Picture Camera
  8. 8. Alexander Graham Bell Telephone (1876)
  9. 9. Alternate Current George Westinghouse
  10. 10. Alternate Current Westinghouse Lamp ad
  11. 11. The Airplane Wilbur Wright Orville Wright Kitty Hawk, NC – December 7, 1903
  12. 12. Model T Automobile Henry Ford I want to pay my workers so that they can afford my product!
  13. 13. “ Model T” Prices & Sales
  14. 14. U. S. Patents Granted 1790s  276 patents issued. 1990s  1,119,220 patents issued.
  15. 15. Causes of Rapid Industrialization <ul><li>Unskilled & semi-skilled labor in abundance. </li></ul><ul><li>Abundant capital. </li></ul><ul><li>New, talented group of businessmen [ entrepreneurs ] and advisors. </li></ul><ul><li>Market growing as US population increased. </li></ul><ul><li>Government willing to help at all levels to stimulate economic growth. </li></ul><ul><li>Abundant natural resources. </li></ul>
  16. 16. New Business Culture <ul><li>Laissez Faire  the ideology of the Industrial Age. </li></ul><ul><li>Individual as a moral and economic ideal. </li></ul><ul><li>Individuals should compete freely in the marketplace. </li></ul><ul><li>The market was not man-made or invented. </li></ul><ul><li>No room for government in the market! </li></ul>
  17. 17. 2. Social Darwinism <ul><li>British economist. </li></ul><ul><li>Advocate of laissez-faire . </li></ul><ul><li>Adapted Darwin’s ideas from the “Origin of Species” to humans. </li></ul><ul><li>Notion of “Survival of the Fittest.” </li></ul>Herbert Spencer
  18. 18. 2. Social Darwinism in America William Graham Sumner Folkways (1906) <ul><li>Individuals must have absolute freedom to struggle, succeed or fail. </li></ul><ul><li>Therefore, state intervention to reward society and the economy is futile! </li></ul>
  19. 19. New Type of Business Entities <ul><li>Pool 1887  Interstate Commerce Act  Interstate Commerce Commission created. </li></ul><ul><li>Trust  John D. Rockefeller </li></ul><ul><li>Standard Oil Co. </li></ul>
  20. 20. Standard Oil Co.
  21. 21. New Type of Business Entities <ul><li>Trust : </li></ul><ul><ul><ul><li>Horizontal Integration  John D. Rockefeller </li></ul></ul></ul><ul><ul><ul><li>Vertical Integration : </li></ul></ul></ul><ul><ul><ul><ul><li>Gustavus Swift  Meat-packing </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Andrew Carnegie  U. S. Steel </li></ul></ul></ul></ul>
  22. 22. Iron & Steel Production
  23. 23. New Type of Business Entities
  24. 24. U. S. Corporate Mergers
  25. 25. New Financial Businessman <ul><li>The Broker: </li></ul><ul><ul><li>J. Pierpont Morgan </li></ul></ul>
  26. 26. Wall Street – 1867 & 1900
  27. 27. The Reorganization of Work The Assembly Line
  28. 28. % of Billionaires in 1900
  29. 29. % of Billionaires in 1918
  30. 30. The ‘Robber Barons’ of the Past
  31. 31. Cornelius [“Commodore”] Vanderbilt Can’t I do what I want with my money?
  32. 32. William Vanderbilt <ul><li>The public be damned! </li></ul><ul><li>What do I care about the law? H’aint I got the power? </li></ul>
  33. 33. Relative Share of World Manufacturing
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