The <br />Incorporation<br />of America<br />US Studies<br />Northwest High School<br />
Causes of Rapid Industrialization<br />Technological innovations.<br /><ul><li>Bessemer and open hearth process
Drake’s steam-powered oil drill
Edison
“Wizard of Menlo Park”
light bulb, phonograph, motion pictures.</li></li></ul><li>Thomas Alva Edison<br />“Wizard of Menlo Park” <br />One of fir...
The Phonograph (1877)<br />
The Ediphone or Dictaphone<br />
The Motion Picture Camera<br />
Alexander Graham Bell<br />Telephone (1876)<br />
Alternate Current<br />George Westinghouse<br />
The Airplane<br />Wilbur Wright<br />Kitty Hawk, NC – December 7, 1903<br />Orville Wright<br />
U. S. Patents Granted<br />1790s  276 patents issued.<br />1990s  1,119,220 patents issued. <br />
Causes of Rapid Industrialization<br />Unskilled & semi-skilled labor in abundance.<br />Abundant capital.<br />New, talen...
New Business Culture<br />Laissez Faire  the ideology of the                         Industrial Age.<br /><ul><li>Individ...
No room for government in the market!</li></li></ul><li>Social Darwinism<br /><ul><li>Advocate of laissez-faire.
Adapted Darwin’s ideas to humans.
Notion of “Survival of the Fittest.”
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Business Technology

  1. 1. The <br />Incorporation<br />of America<br />US Studies<br />Northwest High School<br />
  2. 2. Causes of Rapid Industrialization<br />Technological innovations.<br /><ul><li>Bessemer and open hearth process
  3. 3. Drake’s steam-powered oil drill
  4. 4. Edison
  5. 5. “Wizard of Menlo Park”
  6. 6. light bulb, phonograph, motion pictures.</li></li></ul><li>Thomas Alva Edison<br />“Wizard of Menlo Park” <br />One of first Americans to open a lab<br />Invented for a living<br />Opened lab during an economic downturn<br />
  7. 7. The Phonograph (1877)<br />
  8. 8. The Ediphone or Dictaphone<br />
  9. 9. The Motion Picture Camera<br />
  10. 10. Alexander Graham Bell<br />Telephone (1876)<br />
  11. 11. Alternate Current<br />George Westinghouse<br />
  12. 12. The Airplane<br />Wilbur Wright<br />Kitty Hawk, NC – December 7, 1903<br />Orville Wright<br />
  13. 13. U. S. Patents Granted<br />1790s  276 patents issued.<br />1990s  1,119,220 patents issued. <br />
  14. 14. Causes of Rapid Industrialization<br />Unskilled & semi-skilled labor in abundance.<br />Abundant capital.<br />New, talented group of businessmen [entrepreneurs] and advisors.<br />Market growing as US population increased.<br />Government willing to help at all levels to stimulate economic growth.<br />Abundant natural resources.<br />
  15. 15. New Business Culture<br />Laissez Faire  the ideology of the Industrial Age.<br /><ul><li>Individuals should compete freely in the marketplace.
  16. 16. No room for government in the market!</li></li></ul><li>Social Darwinism<br /><ul><li>Advocate of laissez-faire.
  17. 17. Adapted Darwin’s ideas to humans.
  18. 18. Notion of “Survival of the Fittest.”
  19. 19. Individuals must have absolute freedom to struggle, succeed or fail.
  20. 20. Therefore, state intervention to reward society and the economy is futile! (unnatural)</li></ul>Herbert Spencer<br />
  21. 21. New Type of Business Entities<br />Pool: A temporary grouping of two or more people to manipulate a businesses’ price and/or volume. Pooling resources is an example<br />Trust: A legal organization set up for the control and management of assets and property of a business. It’s a way to manage several companies (Standard Oil)<br />
  22. 22. Vertical Integration: A supply chain united by a common owner. Usually each member of the supply chain produces a different product but contribute to a final product (Carnegie & US Steel)<br />Horizontal Integration: Occurs when a firm is being taken over by, or merged with, another firm which is in the same industry and in the same stage of production as the merged firm, e.g. a car manufacturer merging with another car manufacturer (a "buy out" or "take-over“)<br />Types of Trusts<br />
  23. 23. Examples<br />
  24. 24. Regulating the Trusts<br />1877  Munn. v. IL<br />1886  Wabash, St. Louis & Pacific Railroad Company v. IL<br />1890  Sherman Antitrust Act<br /><ul><li>in “restraint of trade”
  25. 25. “rule of reason” loophole</li></ul>1895  US v. E. C. Knight Co. <br />
  26. 26. Economy moves through three phases:<br />Peak<br />Recovery<br />Panic (Recession; Depression—long recession)<br />Panic of 1893: Worst until Great Depression of 1930s:<br />Businesses cut production & fired workers (no unemployment insurance)—see Pullman Strike in next Powerpoint<br />Jacob Coxey took unemployed men to D.C. to demand public works jobs (1st March on Washington)<br />Laisez-faire government said no!<br />Downside: Business Cycle<br />
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