ch 15 industrial revolution
DESCRIPTION
TRANSCRIPT
Industry’s Golden AgeIndustry’s Golden Age
GO BIG OR GO HOMEGO BIG OR GO HOME
The Big 3 Entrepreneurs The Big 3 Entrepreneurs
Andrew Carnegie Steel
Cornelius Vanderbilt Railroad
Rockefellar Oil
Andrew Carnegie Steel
Cornelius Vanderbilt Railroad
Rockefellar Oil
CarnegieCarnegie
Scottish- Philanthropist
- Libraries and Scientific research
- Carnegie Hall
- Carnegie Steel Industry
- By the 1890s, his company was the largest and most profitable industrial enterprise in the world
Scottish- Philanthropist
- Libraries and Scientific research
- Carnegie Hall
- Carnegie Steel Industry
- By the 1890s, his company was the largest and most profitable industrial enterprise in the world
STEEL INDUSTRYSTEEL INDUSTRY
Cheaper and stronger than iron Used on railroads
Cheaper and stronger than iron Used on railroads
VanderbiltVanderbilt
The Commodore Married Cousin
12 kids
Railroad Empire Philanthropist:
Vanderbilt University
The Commodore Married Cousin
12 kids
Railroad Empire Philanthropist:
Vanderbilt University
RAILROAD INDUSTRYRAILROAD INDUSTRY
Enhanced trade and travel out west Technological advances
Telegraph, Telephone etc
Transcontinental Railroad Around S.America Connects in Utah
Enhanced trade and travel out west Technological advances
Telegraph, Telephone etc
Transcontinental Railroad Around S.America Connects in Utah
RockefellarRockefellar
he became the worlds richest man and the first US dollar billionaire
philanthropy with foundations that had a major effect on medicine, education, and scientific research
Rockefeller was remembered for handing dimes to those he encountered in public
he became the worlds richest man and the first US dollar billionaire
philanthropy with foundations that had a major effect on medicine, education, and scientific research
Rockefeller was remembered for handing dimes to those he encountered in public
OIL INDUSTRYOIL INDUSTRY
Burned in lamps for light Standard Oil was convicted of
monopolistic practices and broken up in 1911.
Burned in lamps for light Standard Oil was convicted of
monopolistic practices and broken up in 1911.
CommunicationCommunication
Telegraph Morse Code
Telephone Women were the operators
Typewriter Carbon Paper
Telegraph Morse Code
Telephone Women were the operators
Typewriter Carbon Paper
Thomas EdisonThomas Edison
Produced electricity Phonograph Light Bulb First electrical plant
Electric street cars Lighting cities
Produced electricity Phonograph Light Bulb First electrical plant
Electric street cars Lighting cities
LINKSLINKS
http://www.nytimes.com/ref/business/20070715_GILDED_GRAPHIC.html
http://www.nytimes.com/ref/business/20070715_GILDED_GRAPHIC.html
Economic TermsEconomic Terms
Laissez-faireLaissez-faire: No government involvement in business
Social Darwinism: Survival of the fittest ProprietorshipProprietorship: Owned by individual/family Partnership: Owned by 2 or more people CorporationCorporation: Sell stock/ owned by stockholders Trust: Group of companies Monopoly: Monopoly: ExclusiveExclusive control of an industry
Laissez-faireLaissez-faire: No government involvement in business
Social Darwinism: Survival of the fittest ProprietorshipProprietorship: Owned by individual/family Partnership: Owned by 2 or more people CorporationCorporation: Sell stock/ owned by stockholders Trust: Group of companies Monopoly: Monopoly: ExclusiveExclusive control of an industry
Economic Terms (cont.)Economic Terms (cont.)
Vertical Integration:Vertical Integration: Control of companies that provided materials and services upon which the enterprises depended
Horizontal Integration: 1 company’s ownership of other companies involved in the same business.
Economies of Scale: Economies of Scale: Buying in bulk to lower Buying in bulk to lower production costs and increase profit.production costs and increase profit.
Sherman Anti-Trust Act: Monopolies are illegal.
Vertical Integration:Vertical Integration: Control of companies that provided materials and services upon which the enterprises depended
Horizontal Integration: 1 company’s ownership of other companies involved in the same business.
Economies of Scale: Economies of Scale: Buying in bulk to lower Buying in bulk to lower production costs and increase profit.production costs and increase profit.
Sherman Anti-Trust Act: Monopolies are illegal.
Stock MarketStock Market
StocksStocks: Certificate of ownership of a company
Stockholder: Those who buy the shares Limited LiabilityLimited Liability: Not responsible for
company debt. Dividends: percentage of corporation’s
profit.
StocksStocks: Certificate of ownership of a company
Stockholder: Those who buy the shares Limited LiabilityLimited Liability: Not responsible for
company debt. Dividends: percentage of corporation’s
profit.
Mass MarketingMass Marketing
Brand Names and Packaging Advertising
Newspapers, magazines, billboards Department Store
Buys in bulk and sells at lower prices Women’s domain to work and shop Ads targeted women
Chain store: branches in many cities
Brand Names and Packaging Advertising
Newspapers, magazines, billboards Department Store
Buys in bulk and sells at lower prices Women’s domain to work and shop Ads targeted women
Chain store: branches in many cities
ImmigrationImmigration
Old Immigrants
- Protestants
Great Britain Ireland Germany Scandinavia
Old Immigrants
- Protestants
Great Britain Ireland Germany Scandinavia
New Immigrants- Economic Opportunities- Religious Persecution Italians Greeks Poles Czechs Slovaks Hungarians Russians
New Immigrants- Economic Opportunities- Religious Persecution Italians Greeks Poles Czechs Slovaks Hungarians Russians
Immigrant CommunitiesImmigrant Communities
Urban Life
- Slums and Settlement Houses
- Divided by nationalities
- Low wage jobs
Suburbs
-Middle class and wealthy residential areas
Urban Life
- Slums and Settlement Houses
- Divided by nationalities
- Low wage jobs
Suburbs
-Middle class and wealthy residential areas
Urban CultureUrban Culture
Public Education Popular Journalism
Yellow Journalism - tabloids
Literature The Tales of Huckleberry Finn
Public Education Popular Journalism
Yellow Journalism - tabloids
Literature The Tales of Huckleberry Finn
Upper ClassUpper Class
New money made in industries Spent money freely
Conspicuous Consumption
Large extravagant houses Large parties Philanthropy: Charity
New money made in industries Spent money freely
Conspicuous Consumption
Large extravagant houses Large parties Philanthropy: Charity
Middle ClassMiddle Class
Old: Doctors, lawyers, teachers, and small business owners
New: Managers, engineers, accountants, clerks, and salespeople
Old = male New = young females Most women worked at home
Joined reading and social clubs
Old: Doctors, lawyers, teachers, and small business owners
New: Managers, engineers, accountants, clerks, and salespeople
Old = male New = young females Most women worked at home
Joined reading and social clubs
Lower ClassLower Class
Servants Mostly African Americans Rented out parts of their home Tenements
Raw sewage and garbage Pollution from industries
Sickness Tuberculosis
Servants Mostly African Americans Rented out parts of their home Tenements
Raw sewage and garbage Pollution from industries
Sickness Tuberculosis
Settlement HousesSettlement Houses
Community Service Centers Hull House Started by Jane Addams
Improved impoverished situations
Community Service Centers Hull House Started by Jane Addams
Improved impoverished situations
PoliticsPolitics
Political Machine: appointments to government jobs to control elections Welcomed immigrants off the boats Tried to gain their votes by offering help
Immigration Restriction League Nativists Discriminated against immigrants Literacy test on all immigrants
Chinese Exclusion Act
Political Machine: appointments to government jobs to control elections Welcomed immigrants off the boats Tried to gain their votes by offering help
Immigration Restriction League Nativists Discriminated against immigrants Literacy test on all immigrants
Chinese Exclusion Act
Nationality JobsNationality Jobs
Italian/Polish = building trade Eastern European = mines and steel mills French Canadians = textile mills Jewish men/women and Italian women =
garment industry Greeks and Chinese = laundries and
restaurants
Italian/Polish = building trade Eastern European = mines and steel mills French Canadians = textile mills Jewish men/women and Italian women =
garment industry Greeks and Chinese = laundries and
restaurants
Leisure TimeLeisure Time
Sports Basketball, boxing, football, and baseball African American Leagues
Barnum and Baileys Circus Amusement Parks
Sports Basketball, boxing, football, and baseball African American Leagues
Barnum and Baileys Circus Amusement Parks
WorkersWorkers
Dirty Work Long hours - 15 hours Low wages Worked for a set period Factory/sweatshop jobs Helped fuel the US economy
Dirty Work Long hours - 15 hours Low wages Worked for a set period Factory/sweatshop jobs Helped fuel the US economy
“Gospel of Wealth”“Gospel of Wealth”
Social Gospel = apply Christian principles to address social problems
Rich has an obligation to use for the common good Universities Libraries
Social Gospel = apply Christian principles to address social problems
Rich has an obligation to use for the common good Universities Libraries
This, then, is held to be the duty of the man of wealth: First, to set an example of modest, unostentatious living, shunning display or extravagance; and, after doing so, to consider all surplus revenues which come to him simply as trust funds, which he is called upon to administer to produce the most beneficial results for the community the man of wealth thus becoming the mere trustee and agent for his poorer brethren, bringing to their service his superior wisdom, experience and ability to administer, doing for them better than they would or could do for themselves
From "Wealth," by Andrew Carnegie, North American Review (1889)
This, then, is held to be the duty of the man of wealth: First, to set an example of modest, unostentatious living, shunning display or extravagance; and, after doing so, to consider all surplus revenues which come to him simply as trust funds, which he is called upon to administer to produce the most beneficial results for the community the man of wealth thus becoming the mere trustee and agent for his poorer brethren, bringing to their service his superior wisdom, experience and ability to administer, doing for them better than they would or could do for themselves
From "Wealth," by Andrew Carnegie, North American Review (1889)
“Law? Who cares about the law. Hain't I got the power?”
—Comment alleged to have been made by Cornelius Vanderbilt, when warned that he might be violating the law
“Law? Who cares about the law. Hain't I got the power?”
—Comment alleged to have been made by Cornelius Vanderbilt, when warned that he might be violating the law