THE AGE OF INDUSTRY 1865 TO 1900. AN INTRODUCTION BETWEEN 1865 & 1900 AMERICA WAS TRANSFORMED. A...
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Transcript of THE AGE OF INDUSTRY 1865 TO 1900. AN INTRODUCTION BETWEEN 1865 & 1900 AMERICA WAS TRANSFORMED. A...
![Page 1: THE AGE OF INDUSTRY 1865 TO 1900. AN INTRODUCTION BETWEEN 1865 & 1900 AMERICA WAS TRANSFORMED. A RURAL NATION BECOMES URBAN AND INDUSTRIAL SYMBOL OF THE.](https://reader035.fdocuments.us/reader035/viewer/2022062314/56649e0d5503460f94af6aea/html5/thumbnails/1.jpg)
THE AGE OF INDUSTRY
1865 TO 1900
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AN INTRODUCTION
BETWEEN 1865 & 1900 AMERICA WAS TRANSFORMED.
A RURAL NATION BECOMES URBAN AND INDUSTRIAL
SYMBOL OF THE AGE- THE BROOKLYN BRIDGE.
STEEL WAS THE FOUNDATION
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MORE… MANY NEW INVENTIONS NEW FORMS OF BUSINESS
ORGANIZATION BIRTH OF THE ROBBER BARONS HORRIBLE WORKING
CONDITIONS
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THE TIES THAT BIND. 1844 SAMUEL MORSE INVENT THE
TELEGRAPH BY 1860 EAST & WEST ARE CONNECTED.
1866 WESTERN UNION & AMERICAN TELEGRAPH MERGE.
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MORE... 1858- CYRUS FIELDS - ATLANTIC
CABLE. 1866 STRONGER CABLE.
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THE TELEPHONE- 1876 ALEXANDER GRAHAM BELL “WATSON I WANT YOU!”….. 1877 FIRST LONG DISTANCE
BOSTON TO NEW YORK BELL TELEPHONE COMPANY 1877 1885 AMERICAN TELEPHONE &
TELEGRAPH COMBINE
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RAILROAD TRANSPORTATION SINGLE MOST IMPORTANT TIE TO
INDUSTRIAL EXPANSION. 1860- 30,000 MILES OF TRACK IN
AMERICA. NO BRIDGES OVER THE
MISSISSIPPI NO STANDARD GAGE.
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RAILROAD CONSOLIDATION
1866 CORNELIUS VANDERBILT CREATES NEW YORK CENTRAL
BY 1877 VANDERBILT CONTROLS 4,500 MILES OF TRACK.
IN 1886 RAILROADS ADOPT A STANDARD GAGE.
VANDERBILT INTRODUCES STEEL RAILS & AIR BRAKES
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MORE… 1883- AMERICAN RAILROAD
ASSOCIATION DIVIDES NATION INTO 4 TIME ZONES.
EASTERN, CENTRAL, MOUNTAIN, AND PACIFIC.
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PERSISTENT PROBLEMS FINANCING RAILROAD
CONSTRUCTION BONDS AND STOCK CERTIFICATES-
BUT FEW ACTUAL ASSETS. CUTTHROAT COMPETITION (E.G.
BETWEEN ATLANTA & ST. LOUIS 20 DIFFERENT CARRIERS.
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MORE… RATE WARS LEAD TO REBATES POOLING AGREEMENTS NOT TO
COMPETE. LONG HAUL / SHORT HAUL
ABUSES.
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SOME INVENTIONS OF THE PERIOD. BETWEEN 1880 &1890 21,000 NEW
PATIENTS PER YEAR. BELL’S TELEPHONE ESTABLISHES
A WHOLE NEW INDUSTRY LEVI STRAUSS - DEVELOPES BLUE
JEANS.
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STEEL PRODUCTION 1859 HENRY BESSEMER AND
WILLIAM KELLY FIND NEW METHOD OF STEEL PRODUCTION.
BESSEMER PROCESS - BLAST FURNACE
1867- U.S. PRODUCED 2000 TONS PER YEAR.
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MORE… BY 1900 WE PRODUCE 7
MILLION TONS PER YEAR. STEEL BECOMES THE
BACKBONE OF THE INDUSTRIAL REVOLUTION.
SKY SCRAPERS BEGIN TO APPEAR. (20 STORIES HIGH) LUIS
SULLIVAN
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INVENTIONS START MORE INDUSTRY GUSTAVUS SWIFT & PHILIP
ARMOUR - MEATBACKING INDUSTRY
GEORGE PULLMAN 1864 - INVENTS THE SLEEPING CAR.
GEORGE WESTINGHOUSE 1868 INVENTS AIR BRAKES
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MORE… CHRISTOPHER SHOLES- 1875 THE
TYPEWRITER. THE THE REMINGTON FIRE ARMS COMPANY.
1852 ELISHU OTIS - INVENTS THE ELEVATOR. PERFECTED BY FRANK SPRAGUE.
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THOMAS ALVA EDISON - 1847 TO 1931 “THE WIZARD OF MENLO PARK.” HELD OVER 1000 PATIENTS IMPROVED TELEGRAPH, TICKER
TAPE FOR STOCK MARKET PHONOGRAPH 1877 1879 INCANDESCENT ELECTRIC
LAMP
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MORE ON EDISON... VITASOPE ( MOTION PICTURE
DEVICE) STOREAGE BATTERY, ELECTRIC
MOTOR, ELECTRIC LOCOMOTIVE 1877 FOUNDED EDISON GENERAL
ELECTRIC. LATER BECAME GENERAL ELECTRIC CORP.
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BUSINESS PHILOSOPHY BY 1900 THERE WERE 4000
MILLIONAIRES RICH PRACTICES CONSPICUOUS
CONSUMPTION
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ANDREW CARNEGIE’S “GOSPEL OF WEALTH” “I HAVE A RIGHT TO MAKE MONEY
& A RESPONSIBILITY TO SPEND IT PROPERLY.”
RICH ARE GOD’S STEWARTS ON EARTH.
WEALTHY MUST USE MONEY TO IMPROVE SOCIETY.
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SOCIAL DARWINISM HERBERT SPENCER OF ENGLAND
APPLIES DARWINISM TO SOCIETY. WEALTHY ARE PRODUCTS OF
“NATURAL SELECTION.” WILLIAM GRAHAM SUMNER (YALE
COLLEGE) AMERICAN PROPONENT.
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LAISSEZ- FAIRE ECONOMICS REJECTS GOVERNMENT INVOLEMENT IN
THE ECONOMY MARKET MECHANISM OF SUPPLY &
DEMAND IS BEST WAY TO MAKE CHOICES. COMPETITION WILL PROTECT
CONSUMERS ACCEPTED GENERALLY BY RICH AND
POOR
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HORATIO ALGER.
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HORATIO ALGER STORIES DIME NOVELS TELL STORY OF YOUNG
MAN WHO MAKES GOOD THROUGH HARD WORK & DETERMINATION. “LUCK & PUCK.”
“RAGGED DICK” “THE ERRAND BOY: HOW PHIL WON
SUCCESS” SUPPORTS THE AMERICAN DREAM.
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NEW WAYS OF DOING BUSINESS SIZE IS HALLMARK OF THE TIME. GNP GROSS NATIONAL PRODUCT
GROWS. IN 1860 = $1.8 BILLION. BY 1890 = $10 BILLION.
AIM OF BUSINESS INCREASE PROFITS, CUT COSTS & REDUCE COMPETITION
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ADVANTAGES OF CORPORATIONS LIMITED LIABILITY POOL CAPITAL LEGAL STATUS OF “PERSON”
UNDER THE 14TH AMENDMENT IMMORTAL PROFESSIONAL MANAGEMENT
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CORPORATIONS DOMINATE MOST KEY INDUSTRIES.
IRON, STEEL, COAL, RAILROADS, COPPER, ELECTRICITY, TELEPHONE, TEXTILES, BANKING & CHEMICALS.
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CARNEGIE AND ROCKEFELLER CARNEGIE DEVELOPS A VERTICAL
MONOPOLY IN STEEL CONTROLS ALL ASPECT OF STEEL
PRODUCTION AND SALES HE IS MODEL FOR HORATIO ALGER
STORIES. FIRST TO ADOPT BESSEMER
PROCESS.
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JOHN D. ROCKEFELLER 1859- TITUSVILLE FIRST OIL WELL. OIL USED TO
MAKE KEROSENE FOR LAMPS. ROCKEFELLER SEE REFINING AND
TRANSPORTING OIL AS THE KEY. ESTABLISHES A HORIZONTAL MONOPOLY CONTROL ONE KEY STEP IN PRODUCTION
PROCESS FORMS STANDARD OIL OF OHIO IN 1870
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MORE ON ROCKEFELLER… FORCES RAILROADS TO GIVE HIM
REBATES. ON HIS SHIPMENTS ALSO ON HIS COMPETITORS
SHIPMENTS. BY 1879 STANDARD OIL CONTROL
90 % OF REFINING CAPACITY.
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COMPARES STANDARD OIL TO A ROSE BOTH REQUIRE EARLY SACRIFICE SLOGAN: “LET US PREY!”
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TRUSTS AND MONOPOLIES INTERLOCKING DIRECTORATES HOLDING COMPANIES CONSUMERS AND WORKERS ARE
HARMED BY MONOPOLIES.