Miyashita Make Over
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This document discusses the major factors that drove industrialization in America, including influential thinkers and innovators. It describes how Adam Smith's theory of laissez-faire economics and capitalism emerged. Key industrialists like Carnegie, Swift, Vanderbilt, Eastman, Bell, Edison, and Rockefeller revolutionized various industries through technological innovations. Mass factory production required large numbers of immigrant and child laborers who worked long hours in poor conditions for low wages. Unions eventually advocated for better treatment of workers and an eight hour work day. Industrialization transformed America and its impacts are still seen today.
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The document discusses several economic and political philosophies that emerged during the Industrial Revolution, including:
- Laissez-faire capitalism as proposed by Adam Smith, allowing businesses to operate freely without government regulation.
- Utilitarianism as introduced by Jeremy Bentham, which said societies and policies should be judged based on their overall usefulness and benefit to the population.
- Socialism in which the public owns the means of production to benefit all people and prevent poverty.
- Communism as envisioned by Karl Marx in which all land, businesses, and property are publicly owned and shared equally.
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This document discusses whether prominent 19th century businessmen were rightly considered "Captains of Industry" or wrongly labeled as "Robber Barons". Some viewed them positively as creating jobs and wealth through expanding markets, while others criticized their treatment of workers as cruel and exploitative. The document examines businessmen like Andrew Carnegie who argued they brought prosperity, as well as criticisms of how they exploited workers for large personal profits.
Captains Of Industry Essay
Captains Of Industry Essay
In the late 1800s and early 1900s, during the American Industrial Revolution, a small group of men owned major businesses and industries. They created monopolies and company towns for workers. Due to their efforts, the U.S. economy became powerful and America became a leading world power. Although some criticize them as "Robber Barons" who exploited workers, these industrialists were truly "Captains of Industry" who innovated business and employed millions.
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The document provides an overview of the Industrial Revolution in the United States through several sections. It describes how authors like Jack London and Mark Twain wrote stories depicting everyday American life. It also explains how the discovery of oil and new steel production methods by Andrew Carnegie drove industrialization. The growth of large factories benefited from economies of scale but also led to monopolies and consolidation. The Industrial Revolution spurred massive immigration to cities and the rise of labor unions seeking better treatment of workers.
Industrial Revolution
The document provides an overview of the key events and developments of the Industrial Revolution, including:
- The shift from cottage industries and home production to factory production driven by new technologies like the steam engine.
- Agricultural improvements like crop rotation that supported population growth and a shift away from subsistence farming.
- Urbanization as people moved to cities for new industrial jobs, bringing public health and social challenges.
- New technologies in transportation, communication, manufacturing, and other fields that increased productivity and economic growth.
Captains Of Industry Essay
The document discusses the captains of industry, also known as robber barons, during the 19th century in the United States. While some of their business practices harmed others, these businessmen ultimately helped modernize the country through innovations like applying steel production to skyscrapers and railroads, bringing costs down and accessibility up. Figures like Andrew Carnegie helped transform the U.S. into an industrial power through expanding markets and increasing productivity, though workers often faced difficult conditions and low pay.
Capitalism and Markets
The document discusses key aspects of market systems including specialization of labor, private property rights, competition, and the role of self-interest. It provides Adam Smith's example of a pin factory where output increased dramatically from 2,000 pins per day to 48,000 pins per day through division and specialization of labor. Smith described how individuals pursuing their own self-interest can promote the greater social good through an "invisible hand" mechanism in a market economy.
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Gilded Age Essay
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Evolution of Development ThoughtAdam Smith (1723 - 1790).docx
Evolution of Development Thought
Adam Smith (1723 - 1790)
*
*
Classical Economics
Main question: What is “the Nature and Causes of the Wealth of Nations”?
Smith associated the wealth of nations with their production, not with their gold.
Studied how output and prices are determined in a free market economy.
*
Adam Smith (1723 - 1790)
*
Adam Smith (1723 - 1790)
Smith’s Contributions
Division of Labor
Invisible Hand
The Role of Government
He concluded that division of labor can increase the output at the global level. Specialization and trade promote the division of labor at the global level.
*
Adam Smith (1723 - 1790)
*
Adam Smith (1723 - 1790)
Division of Labor
Example: a production unit of 10 workers producing pins.
If each of the 10 workers performed all the tasks, the daily output would be 200 pins.
When the production is divided into 10 different tasks, the same workers make 48,000 pins in one day (240 times more!).
*
*
Invisible Hand
Firms respond to changes in consumers’ tastes without government regulation. If the demand for some good drops, the price will fall, profits will be below normal, and the number of producers will decline. If the demand for some good rises, its price will rise, increasing the profits above normal, which leads to new entries.
*
Adam Smith (1723 - 1790)
*
Adam Smith (1723 - 1790)
Invisible Hand
It is difficult to imagine any government being able to collect information on all the consumers’ preferences and all the firms’ technologies, and finding the optimal output level in each firm. It turns out that the Invisible Hand (or the desire of firms to increase their profit) makes everybody better off.
*
Adam Smith (1723 - 1790)
*
Adam Smith (1723 - 1790)
The Role of Government
Although arguing that markets are efficient, Adam Smith pointed out that sometimes there are market failures (public goods, monopolies, externalities).
He argued that the government intervention was justified in cases of market failure. The government also set the rules of the game: property rights, contract enforcement, etc.
*
Adam Smith (1723 - 1790)
*
Adam Smith (1723 - 1790)
On Inequality
All uses of resources yield an equal rate of return (adjusted for the relative riskiness). Otherwise reallocation would occur. Equality of returns explains why wage rates differ. Wage rates would be higher for trades that were more difficult to learn, because people would not be willing to learn them if they were not compensated by a higher wage.
*
Adam Smith (1723 - 1790)
*
Adam Smith (1723 - 1790)
On Inequality
This Smith’s idea gave rise to the modern notion of human capital. Similarly, wage rates would also be higher for those who engaged in dirty or unsafe occupations, such as coal mining and butchering. In short, differences in work were compensated by differences in pay. Modern economists call Smith’s insight the theory of compensating wage differentials.
*
Adam Smith (1723 - 1790)
*
Adam Smith (1723 - 1790)
K ...
Industrial Revolution
The document summarizes key aspects of the Industrial Revolution:
1. The Industrial Revolution began the transition from manual labor and production done in people's homes (cottage industry) to mechanized factory production.
2. Agricultural advances increased food production and helped fuel population growth in Europe from 100 million to 190 million between 1700-1800.
3. Britain was the first to industrialize due to its natural resources like coal and iron, navigable rivers and ports for trade, stable government, and colonial empire providing raw materials.
4. New factories brought dramatic changes like standardized work schedules, child labor, dangerous conditions, and urbanization as people moved to cities for work.
Negative Effects Of The Industrial Revolution
The Industrial Revolution had several negative effects on workers and society. The factory owners became very wealthy while workers lived in extreme poverty. Rapid urbanization resulted in overcrowded, unsanitary cities lacking basic infrastructure. Workers, including women and children, faced dangerous conditions and long hours in factories for low wages. In response, some protested, others turned to religion for solace, and socialists advocated for more equal distribution of wealth and better living standards for workers.
Negative effects-of-the-industrial-revolution-1207771758713804-8
The Industrial Revolution had several negative effects on workers and society. The factory owners became very wealthy while workers lived in extreme poverty. Rapid urbanization resulted in overcrowded, unsanitary cities lacking basic infrastructure. Workers, including women and children, faced dangerous conditions and long hours in factories for low wages. In response, some protested, others turned to religion for solace, and movements emerged advocating for socialism, communism, and reforms to help workers.
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The document traces major developments in economics, business, and technology from the 18th century to modern times. It discusses influential thinkers like Adam Smith, Karl Marx, John Maynard Keynes, and Peter Drucker. It also highlights important inventions and innovations such as the steam engine, railroads, mass production, electricity, airplanes, computers, antibiotics, and advances in marketing and finance that helped solve problems and drive economic growth. The document covers the birth of capitalism, industrialization, globalization and the mixed economic models prevalent today.
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In the late 1800s and early 1900s, during the American Industrial Revolution, a small group of men owned major businesses and industries. They created monopolies and company towns for workers. Due to their efforts, the U.S. economy became powerful and America became a leading world power. Although some criticize them as "Robber Barons" who exploited workers, these industrialists were truly "Captains of Industry" who innovated business and employed millions.
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The document provides an overview of the key events and developments of the Industrial Revolution, including:
- The shift from cottage industries and home production to factory production driven by new technologies like the steam engine.
- Agricultural improvements like crop rotation that supported population growth and a shift away from subsistence farming.
- Urbanization as people moved to cities for new industrial jobs, bringing public health and social challenges.
- New technologies in transportation, communication, manufacturing, and other fields that increased productivity and economic growth.
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The document discusses the captains of industry, also known as robber barons, during the 19th century in the United States. While some of their business practices harmed others, these businessmen ultimately helped modernize the country through innovations like applying steel production to skyscrapers and railroads, bringing costs down and accessibility up. Figures like Andrew Carnegie helped transform the U.S. into an industrial power through expanding markets and increasing productivity, though workers often faced difficult conditions and low pay.
Capitalism and Markets
The document discusses key aspects of market systems including specialization of labor, private property rights, competition, and the role of self-interest. It provides Adam Smith's example of a pin factory where output increased dramatically from 2,000 pins per day to 48,000 pins per day through division and specialization of labor. Smith described how individuals pursuing their own self-interest can promote the greater social good through an "invisible hand" mechanism in a market economy.
Victorianism
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Evolution of Development ThoughtAdam Smith (1723 - 1790).docx
Evolution of Development Thought
Adam Smith (1723 - 1790)
*
*
Classical Economics
Main question: What is “the Nature and Causes of the Wealth of Nations”?
Smith associated the wealth of nations with their production, not with their gold.
Studied how output and prices are determined in a free market economy.
*
Adam Smith (1723 - 1790)
*
Adam Smith (1723 - 1790)
Smith’s Contributions
Division of Labor
Invisible Hand
The Role of Government
He concluded that division of labor can increase the output at the global level. Specialization and trade promote the division of labor at the global level.
*
Adam Smith (1723 - 1790)
*
Adam Smith (1723 - 1790)
Division of Labor
Example: a production unit of 10 workers producing pins.
If each of the 10 workers performed all the tasks, the daily output would be 200 pins.
When the production is divided into 10 different tasks, the same workers make 48,000 pins in one day (240 times more!).
*
*
Invisible Hand
Firms respond to changes in consumers’ tastes without government regulation. If the demand for some good drops, the price will fall, profits will be below normal, and the number of producers will decline. If the demand for some good rises, its price will rise, increasing the profits above normal, which leads to new entries.
*
Adam Smith (1723 - 1790)
*
Adam Smith (1723 - 1790)
Invisible Hand
It is difficult to imagine any government being able to collect information on all the consumers’ preferences and all the firms’ technologies, and finding the optimal output level in each firm. It turns out that the Invisible Hand (or the desire of firms to increase their profit) makes everybody better off.
*
Adam Smith (1723 - 1790)
*
Adam Smith (1723 - 1790)
The Role of Government
Although arguing that markets are efficient, Adam Smith pointed out that sometimes there are market failures (public goods, monopolies, externalities).
He argued that the government intervention was justified in cases of market failure. The government also set the rules of the game: property rights, contract enforcement, etc.
*
Adam Smith (1723 - 1790)
*
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On Inequality
All uses of resources yield an equal rate of return (adjusted for the relative riskiness). Otherwise reallocation would occur. Equality of returns explains why wage rates differ. Wage rates would be higher for trades that were more difficult to learn, because people would not be willing to learn them if they were not compensated by a higher wage.
*
Adam Smith (1723 - 1790)
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On Inequality
This Smith’s idea gave rise to the modern notion of human capital. Similarly, wage rates would also be higher for those who engaged in dirty or unsafe occupations, such as coal mining and butchering. In short, differences in work were compensated by differences in pay. Modern economists call Smith’s insight the theory of compensating wage differentials.
*
Adam Smith (1723 - 1790)
*
Adam Smith (1723 - 1790)
K ...
Industrial Revolution
The document summarizes key aspects of the Industrial Revolution:
1. The Industrial Revolution began the transition from manual labor and production done in people's homes (cottage industry) to mechanized factory production.
2. Agricultural advances increased food production and helped fuel population growth in Europe from 100 million to 190 million between 1700-1800.
3. Britain was the first to industrialize due to its natural resources like coal and iron, navigable rivers and ports for trade, stable government, and colonial empire providing raw materials.
4. New factories brought dramatic changes like standardized work schedules, child labor, dangerous conditions, and urbanization as people moved to cities for work.
Negative Effects Of The Industrial Revolution
The Industrial Revolution had several negative effects on workers and society. The factory owners became very wealthy while workers lived in extreme poverty. Rapid urbanization resulted in overcrowded, unsanitary cities lacking basic infrastructure. Workers, including women and children, faced dangerous conditions and long hours in factories for low wages. In response, some protested, others turned to religion for solace, and socialists advocated for more equal distribution of wealth and better living standards for workers.
Negative effects-of-the-industrial-revolution-1207771758713804-8
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At the end of the 19th century, abundant natural resources and new technologies fueled rapid industrial growth in the United States, transforming it into the world's leading industrial power. New inventions like the telephone and typewriter changed communication and work. Railroads connected the nation but also led to abuses until regulated. Large companies like Standard Oil dominated industries, while labor unions emerged to improve workers' lives amid the rise of big business.
City Assessment Concept Bank
The document provides definitions and explanations for key concepts related to the rise of urbanization and industrialization in cities during the late 19th century. Some of the concepts discussed include the Bessemer Process which allowed for cheaper steel production and fueled rapid infrastructure development, capitalism which incentivized entrepreneurship, child labor which supplied a cheap workforce, and immigration which supplied industrial cities with workers and consumers.
Hogan's History- Gilded Age
The Gilded Age refers to the late 1800s, which saw a rise in wealth from industrialization but also growing social problems. Major characteristics included privately owned factories subject to government rules, and the rise of large corporations owned by shareholders. Robber barons like Rockefeller, Carnegie, and Vanderbilt amassed huge fortunes and monopolies in industries like oil, steel, and railroads. The period was characterized by laissez-faire policies but also saw tensions between big business, labor unions, and reformers. Inventions like the telephone, light bulb, and film camera transformed society.
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Miyashita Make Over
- 1. Industrialization: The Advancement of America
- 2. Think about these items
- 4. How did we achieve this?
- 5. The present linked with the past
- 6. ADAM SMITH- “WEALTH OF NATIONS” LAISSEZ-FAIRE ECONOMICS (LET THE PEOPLE CHOOSE AS THEY WISH)
- 7. CAPITALISM IS BORN FROM SMITH’S THEORY THE MARKETS WILL RELY UPON THE LAWS OF SUPPLY AND DEMAND
- 10. Andrew Carnegie Steel magnate Philanthropist The wealthy should be trustees for the poor.
- 11. STEEL PRODUCTION BESSEMER PROCESS PRODUCES A STRONG, LASTING MATERIAL
- 12. Gustavus Swift Chicago based meat packer Developed the refrigerated rail car and display cases for butcher shops
- 13. SLAUGHTER HOUSE TO THE TABLE HOW TO KEEP MEAT NEAT...
- 14. MEAT IT’S WHAT’S FOR DINNER
- 15. Cornelius Vanderbilt The Commodore Successful Railroad Baron Philanthropist
- 16. George Eastman Founder of Kodak Innovator of cameras and photography Philanthropist
- 17. SAY CHEESE
- 18. Alexander Graham Bell Inventor of the telephone Founded the Bell Telephone Company
- 19. EVOLUTION OF THE PHONE FROM “HELLO” TO “G2G”
- 20. Thomas Alva Edison Wizard of Menlo Park Founder of General Electric Innovator of numerous inventions
- 21. LIGHTS, CAMERA, ACTION INCANDESCENT BULBS, PROJECTORS, DICTAPHONES TO NAME A FEW IDEAS
- 22. John David Rockefeller Founder of the Standard Oil Company Philanthropist
- 23. BLACK GOLD OIL PROVES TO BE THE CATALYST FOR NUMEROUS ITEMS IN DAILY LIFE
- 24. What did it take?
- 25. It took... Ideas Innovation Hard Work Labor
- 27. LABOR TECHNOLOGY MADE JOBS EASIER, ONE DIDN’T HAVE TO BE SKILLED TO WORK
- 28. Factory Work So Easy a kid could the job
- 29. DOING THEIR PART CHILDREN HAD TO CONTRIBUTE TO THE FAMILY
- 30. Low Wages, Long Hours, Poor Conditions, all parts of the job
- 31. IMMIGRANTS LOW SKILLED AND IN NEED OF WORK THESE PEOPLE TOOK JOBS IN SUCH CONDITIONS
- 32. CITY LIVING ETHNIC ENCLAVES DEVELOPED IN BIG CITIES, CRAMPED, POOR, AND UNHEALTHY
- 33. Capitalism The wealthy earn massive profits off the toil of the poor. The “Haves” feel it is best for government to stay out of business and allow wealth to trickle down to the “Have Nots”
- 34. MAXIMIZING PROFIT CORPORATIONS LOOK TO MINIMIZE COMPETITION BY STREAMLINING BUSINESS
- 35. ANTI-TRUST SUITS EVENTUALLY THE GOVERNMENT ATTEMPTS TO STOP COMPLETE CONTROL OF A MARKET
- 36. Karl Marx Wrote The Communist Manifesto Believed in the overthrow of the bourgeoisie the workers. Promoted equality for all
- 37. LABOR UNION MOVEMENT GOMPERS CREATES THE AMERICAN FEDERATION OF LABOR
- 38. STRIKES AND RIOTS WORKERS STRIKE FOR BETTER TREATMENT AND OUR MET WITH RESISTANCE
- 41. 8 Hours and Nothing More The work of the AFL abolishes child labor and creates the 8 hour day and 40 hour work week among other improvements for the workers
- 42. This past can be directly linked with today.
- 43. TWO EXAMPLES OF THE INDUSTRIAL AGE ALIVE TODAY
- 45. Sources: Retrieved From: http://ceoworld.biz/ceo/wp-content/uploads/2008/10/ge.jpg Retrieved From: http://www.teacherlink.org/content/social/instructional/industrialrevolution/ Retrieved From: http://ocw.mit.edu/NR/rdonlyres/Writing-and-Humanistic-Studies/21W-780Spring-2006/492A8DA0- EC52-4193-AD4F-5AA476D3D364/0/chp_cell_phone.jpg Retrieved From: http://images.buycostumes.com/mgen/merchandiser/27398.jpg Retrieved From: http://www.thephonecoach.com/Happy_Man_On_Cell_Phone.jpg Retrieved From: http://retrothing.typepad.com/photos/uncategorized/2008/03/13/gakkens8.jpg Retrieved From: http://www.old-picture.com/daguerreotypes/pictures/Vanderbilt-Cornelius.jpg Retrieved From: http://www.nocaptionneeded.com/wp-content/uploads/2009/05/haymarket-riot-harpers-weekly- may-15-1886-public-domain.jpg Retrieved From: http://www.history.rochester.edu/class/kodak/kodak.htm Retrieved From: http://player.discoveryeducation.com/index.cfm? guidAssetId=3BEC8E51-6DD6-480B-8CBB-57D477C6A1C3&blnFromSearch=1&productcode=US Retrieved From: http://www.glencoe.com/qe/images/b96/q2461/tak8_obj3_horiz.gif Retrieved From: http://www.istockphoto.com/file_thumbview_approve/4322797/2/istockphoto_4322797-telephone- evolution-icon-set.jpg