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Industrialization. 1860 - 1914. Capitalist Mythology. Mix of free-labor ideology & Social Darwinism Democratic version: society composed of competing interests; morally neutral Hierarchical version: elites naturally rule, & middle-class Christian morals are norm “Rags-to-Riches” myth

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Industrialization


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capitalist mythology
Capitalist Mythology
  • Mix of free-labor ideology & Social Darwinism
    • Democratic version: society composed of competing interests; morally neutral
    • Hierarchical version: elites naturally rule, & middle-class Christian morals are norm
  • “Rags-to-Riches” myth
    • Horatio Alger
    • Andrew Carnegie
  • “Laissez-faire” – gov’t should not regulate business

Andrew Carnegie

legal basis
Legal Basis
  • Limited liability corporation
    • Investor only liable for amount invested, not entire debt of company
    • Between 1850-1900, average capital investment increased from $700,000 to $1.9 million
  • Corporation considered to be a person with rights
  • Freedom of contract
    • Each worker free to negotiate terms
    • Meant no collective bargaining by unions
john d rockefeller and standard oil
John D. Rockefeller and Standard Oil
  • 1860 – began refining oil in Penn.
  • 1872 –created cartel to fix railroad rates
  • Bought out competition
    • controlled 90% of refining by 1879
  • 1882 – created investment trust
    • Stockholders put shares in trust
    • Held stock in separate state co.s
  • 1892 – Standard Oil of Ohio trust dissolved by Ohio Supreme Court
  • 1899 – Standard Oil of NJ – 1stholding company

John D. Rockefeller

in 1872

the house of morgan
The House of Morgan
  • J. Pierpont Morgan channeled European capital into U.S. businesses
  • Father was partner in London banking house
  • Demanded seats on boards of companies whose investments he handled (interlocking directorates)
  • 1901 - Morgan bought out Carnegie for $500 million, creating U.S. Steel
inventions innovations
Inventions & Innovations
  • Alexander Graham Bell invented telephone in 1876
    • Bell Telephone Co. organized in 1877 (later became AT&T)
    • Bought out Edison’s patent for carbon microphone

Bell makes first long-distance call,

Chicago to New York, 1892

the wizard of menlo park
The Wizard of Menlo Park
  • Thomas Edison:
    • Phonograph (1877)
    • Incandescent lightbulb (1879)
    • mimeograph
    • Direct current electric transmission
    • Motion picture
inventions cont
Inventions (cont.)
  • George Westinghouse developed alternating current (1886)
    • Could transmit electricity over long distances
    • Czech immigrant Nikolas Tesla invented AC motor
  • Granville T. Woods had 35 patents
    • Automatic circuit breaker
    • Electromagentic brake

Nikolas Tesla

Westinghouse AC motors at

Chicago’s World Fair, 1893

mechanization specialization
Mechanization & Specialization
  • Frederick W. Taylor was most famous efficiency expert
    • Broke down jobs into separate motions
    • Designed equipment to maximize efficiency & minimize time for each motion
mechanization specialization cont
Mechanization & Specialization, cont.
  • Henry Ford introduced moving assembly line (1913) - further isolated tasks
    • Each worker remains stationary & performs same task, over & over
    • 1908 = 10,000 Fords sold; 1914 = 248,000 Fords sold
reducing labor costs
Reducing Labor Costs
  • 1880-1900: employed women went from 2.6 million to 8.6 million
  • 1890: 18% of kids between 10-15 employed
  • Accidents common, even after safety equipment installed