Ch 15 Industrial Revolution

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