economic revolutions industrial revolution, 1860-1900 –revolution in power (technological...

ECONOMIC REVOLUTIONS• Industrial Revolution, 1860-1900

– Revolution in power (technological innovation)– Natural resource base– Revolutions in communication and transportation– Support by federal government

• High tariffs• Creation of national banking standards• Lack of government regulation (Favorable Interpretation

of 14th Amendment)– Munn v. Illinois (1877)– Economic Due Process (1880s and 1890s)

– Social Darwinism (William Graham Sumner)– Managerial innovation

ECONOMIC REVOLUTIONS

John D. Rockefeller and Standard Oil

The Trust and the Holding Company (Vertical Integration)

ECONOMIC REVOLUTIONS

• Finance capitalism – J.P. Morgan– Investment banker

– U.S. Steel

• Economic Power Translated into Political Power

ECONOMIC REVOLUTIONS

• The Second American Industrial Revolution, c. 1910 – 1920s– Technological innovations

• Electric motors

• The assembly line

Window display at F. W. Woolworth’s

Consumer Goods

Radio

• The Second American Industrial Revolution– Expansion of advertising– Refined methods of credit– Further consolidation of industry– “Fordism”

ECONOMIC REVOLUTIONS

ECONOMIC REVOLUTIONS• American Culture and Mass Consumption

– Increase in Leisure Time– Culture of Celebrity

Clara Bow

Babe Ruth

Girls arrested for wearing bathing suits in Chicago

Self-Conscious Youth Culture