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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History Alive! Pursuing American Ideals Industrialization Key Terms The Age of Innovation and Industry: The rise of corporations, heavy industry, mechanized.
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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.
Engagement
Chinese Fortune Cookie!
Homemade vs Industrialized
Capitalism/Capitalist
• Definition:– An economic
system in which factories, and other means of production are privately owned rather than government controlled.
Capitalism in Action
Shark Tank $$$$$
https://www.youtube.com/watch?v=jqtM9brwBDg
https://www.youtube.com/watch?v=FfxsEfqdDsQ
Heavy Industry
• New innovations like the Bessemer process allowed the steel industry to explode!
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
Mechanized Farming• From the beginning
of America until the IR, the U.S. was an agrarian country using farm animals to do the work.
• With the onset of the IR, even farming became heavily mechanized.
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
Industrial Growth
Key Factors:
Capital – any asset that can be used to produce an income including money, buildings, tools, and/or machinery
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
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
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
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.
Laissez-Faire
• Definition:
– The idea that the free market, through supply and demand, will regulate itself if government does not interfere.
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)