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Workers• Workers no longer had to spend years
learning to do a job.– A few easy skills to run a machine.
• Skilled workers had a hard time finding work.
• Women and kids could learn these skills, and worked cheaper than men.
• As cities grew, a middle class grew.– Did not work in factories, but provided
services.– Doctors, lawyers, bankers, grocers.
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Business Methods
• Capitalism – Private citizens owned the factors of production and used them to make a profit.– Land, Labor, Capital ($).
• During the IR, factory owners controlled all three.
• Capitalists came up with neat ideas to help keep costs down and make lots of money.
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• Originally, all machines were handmade.– If a part broke, a new part had to be made.
• Owners adopted interchangable parts.– Parts would be mass produced and could be
switched between machines.
• Henry Ford invented the assembly line.– Products moved down a conveyor belt.– Each worker did one job on the product.– Fast production.– Unskilled labor – paid very little.
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Henry Ford
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Brand new Ford Model T - $400.00
“You can have any color you want, as long as it is black.”
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• Entrepreneur – Person who risks private wealth on a new business.
• All of the big factory owners were entrepreneurs.
Andrew Carnegie – Pittsburg Steel
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Bill Gates
Donald Trump
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Steve Jobs
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• Corporation – Business where people purchase part ownership in the form of shares, or stocks.
• Stock sales raised operating capital for the company.
• Most of the major businesses of the IR started as or became corporations.– J. P. Morgan’s U.S. Steel.– George Pullman’s Pullman Car Co.– Swift and Armour’s Meatpacking Co.
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John PierpointMorgan
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Armour Meatpacking
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• Monopoly – Where one company controls all factors of production in order to dominate a market.
• Erases competition, allows company complete control of a market.