history alive! pursuing american ideals industrialization key terms the age of innovation and...
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History Alive! Pursuing American Ideals
Industrialization Key Terms
The Age of Innovation and Industry:
The rise of corporations, heavy industry, mechanized farming and technological innovations transformed the American
economy from an agrarian to an increasingly urban industrial society.
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Engagement
Chinese Fortune Cookie!
Homemade vs Industrialized
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Capitalism/Capitalist
• Definition:– An economic
system in which factories, and other means of production are privately owned rather than government controlled.
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Capitalism in Action
Shark Tank $$$$$
https://www.youtube.com/watch?v=jqtM9brwBDg
https://www.youtube.com/watch?v=FfxsEfqdDsQ
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Heavy Industry
• New innovations like the Bessemer process allowed the steel industry to explode!
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The Bessemer Process
A 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
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Mechanized Farming• From the beginning
of America until the IR, the U.S. was an agrarian country using farm animals to do the work.
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• With the onset of the IR, even farming became heavily mechanized.
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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
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Industrial Growth
Key Factors:
Capital – any asset that can be used to produce an income including money, buildings, tools, and/or machinery
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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 reasonable to their investors and driven by profit
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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
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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
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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.
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Laissez-Faire
• Definition:
– The idea that the free market, through supply and demand, will regulate itself if government does not interfere.
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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
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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
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Captains of Industry(Entrepreneurs)
How did the captains of industry create and maintain control of United States
industry?
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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
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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
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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
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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
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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.
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John D. Rockefeller • Owned the Standard Oil Trust
•Had a reputation as a Robber Baron
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John D. Rockefeller• Tried to control all businesses in the oil
industry
•Gave away more than $500 million during his lifetime
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Cornelius Vanderbilt• Built a huge railroad
empire through ruthless business tactics,
•Had a reputation as a robber baron
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Cornelius Vanderbilt• Left $1 million to Vanderbilt
University after his death.
• He is the 2nd wealthiest person in U.S. History
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Wealthiest in US History • 1. John Rockefeller - $253 Billion
• 2. Cornelius Vanderbilt - $205 Billion
• 3. John Jacob Astor - $138 Billion
• 4. Stephen Girard - $120 Billion
• 5. Richard Mellon - $103 Billion
• 6. Andrew Carnegie – 101 Billion
• 12. Bill Gates - $74 Billion
• 13. Henry Ford – $67.2 Billion
• 14. Warren Buffett - $63.8 Billion