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Industrialization

Industrialization. Ch 3.2. Tuesday, February 21, 2012. Daily goals: Understand how inventions supported economic growth, how laissez faire affected business and how corporations grew and opposed unions. Think About it…

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Industrialization

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  1. Industrialization Ch 3.2

  2. Tuesday, February 21, 2012 • Daily goals: • Understand how inventions supported economic growth, how laissez faire affected business and how corporations grew and opposed unions. • Think About it… • Can you think of any inventions that have changed the way we live and the way business works?

  3. Homestead Act • The gov’t encouraged settlement in the west by offering homesteads (160 acre tracts of land) for $10.

  4. A Booming Economy • Entrepreneurs organized businesses to try and make money. • Laissez-faire economics argued that gov’t should not interfere in the economy because regulation hurt the economy.

  5. Can you think of any famous entrepreneurs? • Steve Jobs-Apple • Bill Gates-Microsoft • Henry Ford-Ford • Bill Bowerman-Nike • Mark Zuckerberg-Facebook

  6. Do inventions improve business? • Did the car improve business? • Did the computer improve business?

  7. Age of Inventions • Electricity • power machines, homes, spurred inventions and led to the spread of cities • Thomas Edison • perfected the light bulb • What is the benefit of light bulb? • Alexander Graham Bell • telephone + communication • Telephone reading 6.1 • top 10 list of “what were the 1st words spoken on the telephone

  8. Inventions help industry grow! • Alexander Graham Bell invented the telephone which revolutionized business communication. • Thomas Edison invented the light bulb.

  9. Andrew Carnegie • Scottish immigrant • Founded US Steel • By 1900 his factories in Pittsburg employed 20,000 people and produced more steel than all of the steel mills in Britain • Controlled 80% of steel production • Known for… • Steel

  10. CorneliusVanderbilt • Made his early fortune with steam boat business • Second richest man in world by late 1800’s • Made money controlling railroads • Known for … • Railroads

  11. John D. Rockefeller • Founded Standard Oil • By 1881 controlled 90% of the oil business in the US • Organized “Trusts” which increased efficiency and prevented competition. • Amassed a fortune of $900 million dollars. • know for… • Oil

  12. J. P. Morgan • Made his early fortune in Railroads • Bought US steel from Andrew Carnegie in 1900, for over $400 million • Largest company in the world • 168,000 workers • First billion dollar company • 1890 economic crisis: US treasury in trouble. President Cleveland borrows $65 million from J.P. Morgan • Known for … • Stocks + banking

  13. Let’s play Monopoly! • Andrew Carnagie’s US Steel Co began vertical integration of the Steel industry, controlling production “from top to bottom.” • Corporations began horizontal integration of their industries by buying all their competitors.

  14. Does a company make more money when it pays it employees more or less? • Do union workers get paid more than non-union workers? • Do you think Business leaders liked Unions?

  15. Organized Labor • Corporations opposed industrial unions which united all workers of an industry. • The American Federation of Labor (AFL) became one of the first large unions. • Unions wanted closed shops where the company could only hire union members.

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