ingredients of industrializing what does a country need to become industrialized?
TRANSCRIPT
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Ingredients of Industrializing
• What does a country need to become industrialized?
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Types of Business
• Sole Proprietor
• Partnership
• Corporation
• Trusts/Pools
• Monopolies
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New Type of Business Entities
New Type of Business Entities
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New Type of Business Entities
New Type of Business Entities
2. Trust: Horizontal Integration John D.
Rockefeller
2. Trust: Horizontal Integration John D.
Rockefeller Vertical Integration:
o Gustavus Swift Meat-packingo Andrew Carnegie U. S. Steel
Vertical Integration:o Gustavus Swift Meat-packingo Andrew Carnegie U. S. Steel
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New Type of Business Entities
New Type of Business Entities1. Pool
1887 Interstate Commerce Act Interstate Commerce Commission created.
2. Trust John D. Rockefeller
1. Pool 1887 Interstate Commerce Act Interstate Commerce Commission created.
2. Trust John D. Rockefeller
Standard Oil Co. Standard Oil Co.
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Standard Oil Co.Standard Oil Co.
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Iron & Steel ProductionIron & Steel Production
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U. S. Corporate Mergers
U. S. Corporate Mergers
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New Financial BusinessmanNew Financial Businessman
The Broker: J. Pierpont Morgan
The Broker: J. Pierpont Morgan
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Interlocking Directorates
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Essential QuestionEssential Question
Industrialization increased the standard
of living and the opportunities of most
Americans, but at what cost?
Industrialization increased the standard
of living and the opportunities of most
Americans, but at what cost?
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Causes of Rapid IndustrializationCauses of Rapid Industrialization1. Steam Revolution of the 1830s-1850s.
2. The Railroad fueled the growing US economy:
First big business in the US. A magnet for financial investment. The key to opening the West. Aided the development of other
industries.
1. Steam Revolution of the 1830s-1850s.
2. The Railroad fueled the growing US economy:
First big business in the US. A magnet for financial investment. The key to opening the West. Aided the development of other
industries.
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Causes of Rapid IndustrializationCauses of Rapid Industrialization
3. Technological innovations. Bessemer and open hearth
process Refrigerated cars Edison
o “Wizard of Menlo Park”o light bulb, phonograph,
motion pictures.
3. Technological innovations. Bessemer and open hearth
process Refrigerated cars Edison
o “Wizard of Menlo Park”o light bulb, phonograph,
motion pictures.
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Thomas Alva EdisonThomas Alva Edison
“Wizard of Menlo Park” “Wizard of Menlo Park”
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The Light BulbThe Light Bulb
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The Phonograph (1877)The Phonograph (1877)
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The Ediphone or Dictaphone
The Ediphone or Dictaphone
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The Motion Picture CameraThe Motion Picture Camera
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Alexander Graham BellAlexander Graham Bell
Telephone (1876)Telephone (1876)
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Alternate CurrentAlternate Current
George WestinghouseGeorge Westinghouse
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Alternate CurrentAlternate Current
Westinghouse Lamp ad
Westinghouse Lamp ad
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The AirplaneThe Airplane
Wilbur Wright Orville Wright Wilbur Wright Orville Wright
Kitty Hawk, NC – December 7, 1903 Kitty Hawk, NC – December 7, 1903
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Model T AutomobileModel T Automobile
Henry FordI want to pay my workers so that they
can afford my product!
Henry FordI want to pay my workers so that they
can afford my product!
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“Model T” Prices & Sales
“Model T” Prices & Sales
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U. S. Patents GrantedU. S. Patents Granted
1790s 276 patents issued. 1790s 276 patents issued.
1990s 1,119,220 patents issued. 1990s 1,119,220 patents issued.
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4. Unskilled & semi-skilled labor in abundance.
5. Abundant capital.6. New, talented group of businessmen
[entrepreneurs] and advisors.7. Market growing as US population
increased.8. Government willing to help at all levels to
stimulate economic growth.9. Abundant natural resources.
4. Unskilled & semi-skilled labor in abundance.
5. Abundant capital.6. New, talented group of businessmen
[entrepreneurs] and advisors.7. Market growing as US population
increased.8. Government willing to help at all levels to
stimulate economic growth.9. Abundant natural resources.
Causes of Rapid IndustrializationCauses of Rapid Industrialization
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New Business CultureNew Business Culture1. Laissez Faire the ideology of the
Industrial Age.1. Laissez Faire the ideology of the
Industrial Age.
Individual as a moral and economic ideal.
Individuals should compete freely in the marketplace.
The market was not man-made or invented.
No room for government in the market!
Individual as a moral and economic ideal.
Individuals should compete freely in the marketplace.
The market was not man-made or invented.
No room for government in the market!
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Robber Baron or Captain of Industry?
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The Reorganization of Work
The Reorganization of Work
Frederick W. TaylorThe Principles of Scientific Management (1911)
Frederick W. TaylorThe Principles of Scientific Management (1911)
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The Reorganization of Work
The Reorganization of Work
The Assembly LineThe Assembly Line
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William VanderbiltWilliam Vanderbilt
$ The public be damned!
$ What do I care about the law? H’aint I got the power?
$ The public be damned!
$ What do I care about the law? H’aint I got the power?
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Cornelius [“Commodore”] Vanderbilt
Cornelius [“Commodore”] Vanderbilt
Can’t I do what I want with my money?Can’t I do what I want with my money?
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The Protectors of Our Industries
The Protectors of Our Industries
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The ‘Bosses’ of the Senate
The ‘Bosses’ of the Senate
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The ‘Robber Barons’ of the Past
The ‘Robber Barons’ of the Past
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New Business Culture:“The American Dream?”
New Business Culture:“The American Dream?”
3. Protestant (Puritan) “Work Ethic” Horatio Alger [100+ novels]
3. Protestant (Puritan) “Work Ethic” Horatio Alger [100+ novels]
Is the idea of the “self-made man” a MYTH??Is the idea of the “self-made man” a MYTH??
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The Gospel of Wealth:Religion in the Era of
Industrialization
The Gospel of Wealth:Religion in the Era of
Industrialization
Russell H. ConwellRussell H. Conwell
$ Wealth no longer looked upon as bad.
$ Viewed as a sign of God’s approval.
$ Christian duty to accumulate wealth.
$ Should not help the poor.
$ Wealth no longer looked upon as bad.
$ Viewed as a sign of God’s approval.
$ Christian duty to accumulate wealth.
$ Should not help the poor.
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“On Wealth”“On Wealth”
Andrew CarnegieAndrew Carnegie
$ The Anglo-Saxon race is superior.
$ “Gospel of Wealth” (1901).
$ Inequality is inevitable and good.
$ Wealthy should act as “trustees” for their “poorer brethren.”
$ The Anglo-Saxon race is superior.
$ “Gospel of Wealth” (1901).
$ Inequality is inevitable and good.
$ Wealthy should act as “trustees” for their “poorer brethren.”
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2. Social Darwinism2. Social Darwinism British economist. Advocate of
laissez-faire. Adapted Darwin’s
ideas from the “Origin of Species” to humans.
Notion of “Survival of the Fittest.”
British economist. Advocate of
laissez-faire. Adapted Darwin’s
ideas from the “Origin of Species” to humans.
Notion of “Survival of the Fittest.”
Herbert SpencerHerbert Spencer
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2. Social Darwinism in America
2. Social Darwinism in America
William Graham SumnerFolkways (1906)
William Graham SumnerFolkways (1906)
$ Individuals must have absolute freedom to struggle, succeed or fail.
$ Therefore, state intervention to reward society and the economy is futile!
$ Individuals must have absolute freedom to struggle, succeed or fail.
$ Therefore, state intervention to reward society and the economy is futile!
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Wall Street – 1867 & 1900
Wall Street – 1867 & 1900
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% of Billionaires in 1900
% of Billionaires in 1900
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% of Billionaires in 1918
% of Billionaires in 1918
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Regulating the TrustsRegulating the Trusts1877 Munn. v. IL
1886 Wabash, St. Louis & Pacific Railroad Company v. IL
1890 Sherman Antitrust Act in “restraint of trade” “rule of reason” loophole
1895 US v. E. C. Knight Co.
1877 Munn. v. IL
1886 Wabash, St. Louis & Pacific Railroad Company v. IL
1890 Sherman Antitrust Act in “restraint of trade” “rule of reason” loophole
1895 US v. E. C. Knight Co.
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Relative Share of World Manufacturing
Relative Share of World Manufacturing
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Modern ‘Robber Barons’??
Modern ‘Robber Barons’??