objectives 4.04 – describe innovations in agricultural technology and business practices and...
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ObjectivesObjectives4.04 – Describe innovations in agricultural technology and business practices and assess their impact on the West.
5.02 – Explain how businesses and industrial leaders accumulated wealth and wielded political and economic power.
7.04 – Examine the impact of technological changes on economic, social and cultural life in the United States.
4.04 – Describe innovations in agricultural technology and business practices and assess their impact on the West.
5.02 – Explain how businesses and industrial leaders accumulated wealth and wielded political and economic power.
7.04 – Examine the impact of technological changes on economic, social and cultural life in the United States.
Key Terms, People & Concepts
Key Terms, People & Concepts4.04
Interlocking directoratesVertical integrationHorizontal integration5.02Edwin DrakeBessemer ProcessAndrew CarnegieGospel of WealthJ. P. MorganU. S. SteelJohn D. RockefellerStandard Oil CompanyVanderbilt familyGeorge Westinghouse
4.04Interlocking directoratesVertical integrationHorizontal integration5.02Edwin DrakeBessemer ProcessAndrew CarnegieGospel of WealthJ. P. MorganU. S. SteelJohn D. RockefellerStandard Oil CompanyVanderbilt familyGeorge Westinghouse
Horatio AlgerHerbert SpencerGilded Age“Captains of industry” vs. “Robber barons”Laissez-faireSocial DarwinismMonopoly7.04ElectricityMovie cameraWright BrothersHenry Ford
•Assembly line•$5 day•Model T
Horatio AlgerHerbert SpencerGilded Age“Captains of industry” vs. “Robber barons”Laissez-faireSocial DarwinismMonopoly7.04ElectricityMovie cameraWright BrothersHenry Ford
•Assembly line•$5 day•Model T
Steam Revolution & Railroads
Steam Revolution & Railroads
Steel: The Bessemer Process
Steel: The Bessemer Process
Railroads & SkyscrapersRailroads & Skyscrapers
Thomas Alva EdisonThomas Alva Edison
“Wizard of Menlo Park” “Wizard of Menlo Park”
The Light BulbThe Light Bulb
The Phonograph (1877)The Phonograph (1877)
The Ediphone or Dictaphone
The Ediphone or Dictaphone
The Motion Picture CameraThe Motion Picture Camera
Alexander Graham BellAlexander Graham Bell
Telephone (1876)Telephone (1876)
Alternating CurrentAlternating Current
George WestinghouseGeorge Westinghouse
Alternating CurrentAlternating Current
“War of the Currents”Edison vs. Westinghouse
“War of the Currents”Edison vs. Westinghouse
Oil DrillOil Drill
Edwin DrakeEdwin Drake
The AirplaneThe Airplane
Wilbur Wright Orville Wright Wilbur Wright Orville Wright
Kitty Hawk, NC – December 7, 1903 Kitty Hawk, NC – December 7, 1903
Model T AutomobileModel T Automobile
Henry FordAssembly Line
$5 Day
Henry FordAssembly Line
$5 Day
“Model T” Prices & Sales
“Model T” Prices & Sales
U. S. Patents GrantedU. S. Patents Granted
1790s 276 patents issued. 1790s 276 patents issued.
1990s 1,119,220 patents issued. 1990s 1,119,220 patents issued.
1. Unskilled & semi-skilled labor in abundance.
2. Abundant capital.3. New, talented group of businessmen
(entrepreneurs) and advisors.4. Market growing as US population
increased.5. Laissez-faire and protective tariff policies6. Abundant natural resources.7. Social Darwinism and Protestant Work Ethic
1. Unskilled & semi-skilled labor in abundance.
2. Abundant capital.3. New, talented group of businessmen
(entrepreneurs) and advisors.4. Market growing as US population
increased.5. Laissez-faire and protective tariff policies6. Abundant natural resources.7. Social Darwinism and Protestant Work Ethic
A Climate forBig BusinessA Climate forBig Business
New Business CultureNew Business CultureLaissez Faire the ideology of the
Industrial Age.Laissez Faire the ideology of the
Industrial Age.
Individual as a moral and economic ideal.
Individuals should compete freely in the marketplace.
The market was not man-made or invented.
No room for government in the market!
Individual as a moral and economic ideal.
Individuals should compete freely in the marketplace.
The market was not man-made or invented.
No room for government in the market!
2. Social Darwinism2. Social Darwinism British economist. Advocate of
laissez-faire. Adapted Darwin’s
ideas from the “Origin of Species” to humans.
Notion of “Survival of the Fittest.”
British economist. Advocate of
laissez-faire. Adapted Darwin’s
ideas from the “Origin of Species” to humans.
Notion of “Survival of the Fittest.”
Herbert SpencerHerbert Spencer
2. Social Darwinism in America
2. Social Darwinism in America
William Graham SumnerFolkways (1906)
William Graham SumnerFolkways (1906)
$ Individuals must have absolute freedom to struggle, succeed or fail.
$ Therefore, state intervention to reward society and the economy is futile!
$ Individuals must have absolute freedom to struggle, succeed or fail.
$ Therefore, state intervention to reward society and the economy is futile!
New Business Culture:“The American Dream?”
New Business Culture:“The American Dream?”
3. Protestant (Puritan) “Work Ethic” Horatio Alger [100+ novels]
3. Protestant (Puritan) “Work Ethic” Horatio Alger [100+ novels]
New Types of Business Entities
New Types of Business EntitiesTrusts
Horizontal IntegrationVertical Integration
Interlocking Directorates
…Trusts can eventually eliminate all competition and become monopolies
TrustsHorizontal IntegrationVertical Integration
Interlocking Directorates
…Trusts can eventually eliminate all competition and become monopolies
New Type of Business Entities
New Type of Business Entities
Wall Street – Stock Exchange
Wall Street – Stock Exchange
U. S. Corporate Mergers
U. S. Corporate Mergers
% of Billionaires in 1900
% of Billionaires in 1900
% of Billionaires in 1918
% of Billionaires in 1918
The Protectors of Our Industries
The Protectors of Our Industries
The ‘Bosses’ of the Senate
The ‘Bosses’ of the Senate
Standard Oil Co.Standard Oil Co.
“The Gilded Age”“The Gilded Age”