economic revolutions industrial revolution, 1860-1900 –revolution in power (technological...
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ECONOMIC REVOLUTIONS• Industrial Revolution, 1860-1900
– Revolution in power (technological innovation)– Natural resource base– Revolutions in communication and transportation– Support by federal government
• High tariffs• Creation of national banking standards• Lack of government regulation (Favorable Interpretation
of 14th Amendment)– Munn v. Illinois (1877)– Economic Due Process (1880s and 1890s)
– Social Darwinism (William Graham Sumner)– Managerial innovation
ECONOMIC REVOLUTIONS
John D. Rockefeller and Standard Oil
The Trust and the Holding Company (Vertical Integration)
ECONOMIC REVOLUTIONS
• Finance capitalism – J.P. Morgan– Investment banker
– U.S. Steel
• Economic Power Translated into Political Power
ECONOMIC REVOLUTIONS
• The Second American Industrial Revolution, c. 1910 – 1920s– Technological innovations
• Electric motors
• The assembly line
Window display at F. W. Woolworth’s
Consumer Goods
Radio
• The Second American Industrial Revolution– Expansion of advertising– Refined methods of credit– Further consolidation of industry– “Fordism”
ECONOMIC REVOLUTIONS
ECONOMIC REVOLUTIONS• American Culture and Mass Consumption
– Increase in Leisure Time– Culture of Celebrity
Clara Bow
Babe Ruth
Girls arrested for wearing bathing suits in Chicago
Self-Conscious Youth Culture