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History Alive! Pursuing American Ideals
The Age of Innovation and Industry:
CS 10: CS 10: The rise of corporations, heavy industry, mechanized farming and
technological innovations transformed the American economy from an agrarian to
an increasingly urban industrial society.
Engagement
Chinese Fortune Cookie!
Homemade vs Industrialized
Small Group
1. List all the steps in the fortune cookie making process.
2. For each step list the specific invention needed to complete that process.
The Age of Innovation and Industry
1. Start your Notes with the Date.
Question: Which ideas from Section 2 Reading and Chart are seen in this clip?
Shark Tank
Capitalism/Capitalist
• Definition:• An economic system in
which factories, and other means of production are privately owned rather than government controlled.
• Capitalist:– Provided financial backing
for scientific research and new machinery
Heavy Industry
• New innovations like the Bessemer process allowed the steel industry to explode!
The Bessemer Process
A new method of converting iron to steel patented by Henry Bessemer
• Involved blowing air through molten iron which removed it’s impurities
• This made steel harder, stronger, and lighter than iron making it more preferred
• This process also aloud steel to be produced more cheaply and quickly
Mechanized Farming• From the beginning of America until the IR,
the U.S. was an agrarian country using farm animals to do the work.
• With the onset of the IR, even farming became heavily mechanized. (machines do the work)
Cite 1 piece of Evidence from your textbook reading that would help to explain this trend!
Production Methods?
Frederick Taylor:
•Used scientific methods to analyze the production process
• Time-and-motion studies
•Determined the most efficient way to work quickly
• Thus increasing productivity and profits
Industrial Growth
Key Factors:
Capital – any asset that can be used to produce an income including money, buildings, tools, and/or machinery
Industrial Growth
Corporations – a company that exists independently from the owners (investors)
•Corporations would become known as “Big Business”
•Unlike traditional businesses, big businesses were responsible to their investors and driven by profit.
Reducing Competition
Monopoly – Company that completely dominates a particular industry (Standard Oil)
Trusts – Set of companies managed by a small group to prevent them from competing with one another
Horizontal Integration
• Definition:– A corporate
expansion strategy.– Involves joining
together as many firms from the same industry as possible.
John D. Rockefeller’s Standard Oil
Vertical Integration
• Definition: – Corporate expansion
strategy– Control of each step
in the production and distribution of a product.
• Acquiring raw materials to manufacturing, packaging, and shipping.
Laissez-Faire
• Definition:
– U.S. Economic Policy during the Age of Industrialization.
– The idea that the free market, through supply and demand, will regulateregulate itself if government does not interfere.
Pro’s and Con’s of Monopoly and L-F?
PRO•Owners are experts in their industry
•Social Darwinism = best made products
•“Business of America is Business!”•$ will “Trickle Down”
CON•Decrease Competition
•Hurts Consumers– Higher Prices and Less
Choice
•Hurts Workers– Profit above Safety,
Happiness, Job Security
According to the cartoon, how was the United States in the 1990s similar to the United States in the 1890s?
Time Warner
Internet
Movies
Cable Providers
Movies Television
Publishing
Cartoon Network Turner Network Television (TNT)
AOL Instant Messenger
MapQuest
Winamp
Amazon.com (partial)
Netscape
Time Warner Cable
Castle Rock Entertainment
Warner Bros. Studios
Hanna - Barbera Cartoons CNN
HBO Court TV
Road Runner
Time
People Mag.
Sunset Books
Sports Illustrated
Fortune
Kablevision (53.75% - cable television in Hungary)
RadioCNN Radio
http://cjrarchives.org/tools/owners/timewarner.asp
America in the Gilded Age1. To cover with or as if with a thin layer of
gold.
2. To give an often deceptively attractive or improved appearance to
Captains of Industry(Entrepreneurs)
How did the captains of industry create and maintain control of United States
industry?
What is a Captain of Industry?!
A business leader whose way of achieving personal fortune contributes positively to
the country in some way.
This can be through:
Increasing Production
Providing Jobs
Philanthropy
Someone who makes large charitable donations ($$) to improve the well-being
of others.
What is a Philanthropist?!
This is often to:
Hospitals/ Medicine
Schools/ Universities
Libraries
A business man who dominated their industry and made huge fortunes through unfair business practices.
What is a Robber Baron?!
This was done by:
Eliminating smaller/weaker businesses
Holding all of the power in their
company
Sometimes used illegal business practices
Andrew Carnegie: • Controlled the steel Industry
• Brought the Bessemer Process from England -Made it easy and cheap to make
large amounts of steel by refining iron.
-Steel production increased 500 times 1867-1900
Andrew Carnegie:• Used vertical integration to be
successful.
Vertical Integration = Owning all aspects of production for a certain product. As a result the owner makes all the profit (money)
•Was a Philanthropist who gave money to
libraries.
John D. Rockefeller • Owned the Standard Oil Trust
•Had a reputation as a Robber Baron
John D. Rockefeller• Tried to control all businesses in the oil
industry
•Gave away more than $500 million during his lifetime
Cornelius Vanderbilt• Built a huge railroad
empire through ruthless business tactics,
•Had a reputation as a robber baron
Cornelius Vanderbilt• Left $1 million to Vanderbilt
University after his death.
• He is the 2nd wealthiest person in U.S. History