September 27, 2011

• Edgar Thomson warm-up• Homework 6.1 check.• 2nd Industrial Revolution PP!• Bring Textbooks and 2nd Industrial

Revolution packet tomorrow. • PP now…

The Second Industrial Revolution

• What is an Industrial Revolution?• What are we changing?• How does this change effect the United

States?• Men• Women• Children• Immigrants• Minorities

Bessemer Process

• The key principle is removal of impurities from the iron by oxidation through air being blown through the molten iron. The oxidation also raises the temperature of the iron mass and keeps it molten.

Henry Bessemer

Why is the Bessemer process important?

George Westinghouse

• George Westinghouse founded Union Switch & Signal, abbreviated (US&S), in 1881, consolidating the assets of companies that had pioneered closed track circuits and interlockings. Operating as an independent company until 1917, US&S became a subsidiary of Westinghouse Air Brake.

George Pullman• He used his money and success to develop a comfortable railroad sleeping car, the Pullman sleeper, or "palace car."

Thomas Alva Edison • An American

inventor and businessman who developed many devices that greatly influenced life around the world, including the phonograph and a long lasting light bulb.

Nikolaus August Otto

• The German inventor of the internal-combustion engine, the first engine to efficiently burn fuel directly in a piston chamber.

Alexander Graham Bell

• His research on hearing and speech further led him to experiment with hearing devices that eventually culminated in the invention of the telephone.

Brainstorm reasons why these men and their

inventions are important to IR?

• George Westinghouse

• George Pullman• Thomas Alva

Edison• Nikolaus

August Otto• Alexander

Graham Bell

Edwin L. Drake

Edwin L. Drake - Titusville PA

Why was kerosene important?

Kerosene lanterns

Free Enterprise

Free Enterprise

Business that is free from government involvement

Free Enterprise

Business that is free from government involvement

Gave way to EntrepreneursPeople who start a new business

Free Enterprise

Business that is free from government involvement

Gave way to EntrepreneursPeople who start a new business

Entrepreneurs created Corporations

Companies that sell shares of ownership called stocks

Name an entrepreneur and his/her corporation.

Vertical Integration

Why would a entrepreneur utilize Vertical Integration?

• Improve efficiency by making supplies reliable

• Control quality of product

• Eliminate middleman fees

Horizontal Integration

Pizza Roma

Vinny’sPizza Hut

Pappa Johns

Vocelli’s

McClinchie’s Pizza Kingdom

Why would an entrepreneur utilize

Horizontal Integration?• Control rivals• Created trusts• Cycle of buying

competing company, • Improve the efficiency of

operations • Pressing for discounts on

shipments,THUS… • Undercutting his

competition AND• Buying them out

What effect does Horizontal Integration

and Vertical Integration have on business?

Top business menthat utilized these business ideas…

• Carnegie• Rockefeller• J.P. Morgan• Vanderbilt• How did they build their fortunes?

Carnegie = Steel producer

Rockefeller Oil

J.P. MorganBanking

Vanderbilt = Railroads