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History Alive! Pursuing American Ideals Industrialization Key Terms

History Alive! Pursuing American Ideals Industrialization Key Terms The Age of Innovation and Industry:

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History Alive! Pursuing American Ideals Industrialization Key Terms

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  1. 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.

  2. Total 11 Points +2 +2 Reason 1 = + 1 Reason 2 = + 1 Correct Line Graph + 5

  3. Capitalism/Capitalist • Definition: • An economic system in which factories, and other means of production are privately owned rather than government controlled. • Capitalist: • Provided financial backing for scientific research and new machinery

  4. Heavy Industry Any industry that involves heavy products; large and heavy equipment and facilities, large machine tools, and huge buildings; or complex or numerous processes. • Then : • Steelmaking • Shipbuilding • Oil Refinery • Railroad/ locomotives • Mining

  5. 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

  6. Mechanized Farming • From the beginning of America until the IR, the U.S. was an agrarian country using farm animals to do the work.

  7. With the onset of the IR, even farming became heavily mechanized. • Result = less Farm labor = move to cities for work

  8. Total 11 Points + 1 + 1 + 2 Correct Line Graph + 5 + 2

  9. 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

  10. Industrial Growth Key Factors: Capital – any asset that can be used to produce an income including money, buildings, tools, and/or machinery

  11. 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

  12. 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

  13. 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

  14. 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.

  15. Laissez-Faire • Definition: • U.S. Economic Policy during the Age of Industrialization. • The idea that the free market, through supply and demand, will regulateitself if government does not interfere.

  16. Pro’s and Con’s of Monopoly and L-F? PRO • Owners are experts in their industry • Social Darwinism = • “Business of America is Business!” • $ will “Trickle Down” CON • Decrease Competition • Hurts Consumers • Higher Prices and Less Choice • Hurts Workers • Profit above Safety, Happiness, Job Security

  17. America in the Gilded Age • To cover with or as if with a thin layer of gold. • To give an often deceptively attractive or improved appearance to

  18. What is a Captain of Industry?! A business leader whose way of achieving personal fortune contributes positively to the country in some way. Providing Jobs This can be through: Increasing Production Philanthropy

  19. What is a Philanthropist?! Someone who makes large charitable donations ($$) to improve the well-being of others. Schools/ Universities This is often to: Hospitals/ Medicine Libraries

  20. What is a Robber Baron?! A business man who dominated their industry and made huge fortunes through unfair business practices. This was done by: Holding all of the power in their company Sometimes used illegal business practices Eliminating smaller/weaker businesses

  21. 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

  22. 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.

  23. John D. Rockefeller • Owned the Standard Oil Trust • Had a reputation as a Robber Baron

  24. John D. Rockefeller • Tried to control all businesses in the oil industry • Gave away more than $500 million during his lifetime

  25. Cornelius Vanderbilt • Built a huge railroad empire through ruthless business tactics, • Had a reputation as a robber baron

  26. 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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