INDUSTRIAL AGE IN AMERICA

1. INDUSTRIAL AGE IN AMERICA To what extent was it justified to characterize the industrial leaders of the lat 19th century as either “Robber Barons” or “Captains of Industry”?

2. INDUSTRIAL AGE • I. Industrial Factors for Growth • A. Steel is King • 1. Steel Production = Biggest affect on Tech. Change • 2. “Bessemer Process” =Easy & Cost Effective to produce = replaces iron • 3. Effects • a) RR’s carry heavier cars & travel faster • b) Allows mobility & expanded markets = City grows • c) Cities need space = skyscraper (steel girders) • d) Bridges hold greater loads

3. INDUSTRIAL AGE • I. Industrial Factors for Growth • B. The Spirit of Innovation/Inventions • 1. Increased Patents = labor saving technology increases productivity • 2. Edison & Electricity

4. INDUSTRIAL AGE • I. Industrial Factors for Growth • B. The Spirit of Innovation/Inventions • 3. Westinghouse alternating current = transmission over long distance

5. INDUSTRIAL AGE 1876 1892 • I. Industrial Factors for Growth • B. The Spirit of Innovation/Inventions • 4. Bell & Telephone • 5. Others = Telegraph (transatlantic, typewriter, stock ticker, cash register, adding machine, Eastman/Kodak) “Watson—come here—I want to see you.”

6. INDUSTRIAL AGE • I. Industrial Factors for Growth • B. The Spirit of Innovation/Inventions • 6. Increased Production • a) “Scientific Management” & “Taylorism” • b) Ford & Assembly Line

7. INDUSTRIAL AGE • I. Industrial Factors for Growth • C. Natural Resources = oil, coal, iron ore, copper, lead, and timber

8. INDUSTRIAL AGE • I. Industrial Factors for Growth • D. Labor Supply = immigrants, rural to urban movement • E. Large Market & Available Capital • F. Government Policies = Laissez- Faire?

9. INDUSTRIAL AGE • I. Industrial Factors for Growth • F. Marketing & Mass Consumption • A. Department & Chain Stores • 1. Macy’s • 2. Marshall Fields • 3. Woolworth’s

10. INDUSTRIAL AGE • I. Industrial Factors for Growth • F. Marketing & Mass Consumption • B. Mail Order Catalogs • 1. Sears, Roebuck • 2. Montgomery Ward

11. INDUSTRIAL AGE • II. Industrial Empires • A. The Railroad • 1. Transcontinental RR

12. INDUSTRIAL AGE • II. Industrial Empires • A. The Railroad • 1. Transcontinental RR

13. INDUSTRIAL AGE • II. Industrial Empires • A. The Railroad • 1. Transcontinental RR

14. INDUSTRIAL AGE • II. Industrial Empires • A. The Railroad • 1. Transcontinental RR

15. INDUSTRIAL AGE • II. Industrial Empires • A. The Railroad • 2. Tech. Improvements & Consolidation

16. INDUSTRIAL AGE • II. Industrial Empires • A. The Railroad • 2. Tech. Improvements & Consolidation

17. INDUSTRIAL AGE • II. Industrial Empires • A. The Railroad • 3. Corruption & Role of Government • Munn v. Illinois, Wabash Case, Interstate Commerce Act (ICC) • 4. Impact

18. INDUSTRIAL AGE • II. Industrial Empires • B. Corporate Consolidation • 1.Horizontal & Vertical Integration • 2. Pool • 3. Trust • 4. Holding Company

19. INDUSTRIAL AGE “Whatever can be done by machinery, let machinery do, for it at least is insensible to Fourth of July, Washington’s birthday, political meetings, pay-days and whiskey.” Carnegie • II. Industrial Empires • C. Carnegie & Steel • Background • Bessemer Process = tenfold increase in production 1877-1892 & requires fewer laborers & need for skilled workers

20. INDUSTRIAL AGE “From the moment these crude stuffs were dug out of the earth until they flowed in a stream of liquid steel in the ladles there was never a price, profit, or royalty paid to an outsider.” Carnegie • II. Industrial Empires • C. Carnegie & Steel • Vertical Integration

21. INDUSTRIAL AGE • II. Industrial Empires • C. Carnegie & Steel

22. INDUSTRIAL AGE • II. Industrial Empires • C. Carnegie & Steel

23. INDUSTRIAL AGE • II. Industrial Empires • D. Rockefeller & Oil • Horizontal Integration & Trust

24. INDUSTRIAL AGE • II. Industrial Empires • D. Rockefeller & Oil • 1897 = worth $900 million, before auto indust

25. INDUSTRIAL AGE • II. Industrial Empires • E. J.P. Morgan & Banking • Holding Companies

26. INDUSTRIAL AGE “The captains of industry and the capitalists…if they are successful, win, in these days, great fortunes in a short time. There are no earnings which are more legitimate or for which greater services are rendered to the whole industrial body…millions more of wealth, manyfold greater than their own, scattered in the hands of thousands, would not exist but for them.” (Sumner, Forum, March 1884) • III. Capitalism & Critics • A. Social Darwinism

27. INDUSTRIAL AGE • III. Capitalism & Critics • B. Gospel of Wealth

28. INDUSTRIAL AGE • III. Capitalism & Critics • C. Conwell & Horatio Alger Myth

29. INDUSTRIAL AGE • IV. Capitalism & Critics • D. Alternative Visions • Henry George & “Progress & Poverty” • Growing pop. = fixed land supply = unjustifiably push up property values = unearned profits for owners of land • Single –tax idea = 100% tax on profits • Edward Bellamy & “Looking Backward” • Mild utopian socialist theme • Awakens in 2000 = “looks backward” = injustice of 1887 gone = government nationalized big business to serve public

30. INDUSTRIAL AGE • III. Capitalism & Critics • E. “Captains of Industry or “Robber Barons”?

31. INDUSTRIAL AGE • III. Capitalism & Critics • E. “Captains of Industry or “Robber Barons”?

32. INDUSTRIAL AGE • III. Capitalism & Critics • E. “Captains of Industry or “Robber Barons”?

33. INDUSTRIAL AGE • IV. Capitalism & Critics • F. Problems of Monopoly • Sherman Antitrust Act

34. INDUSTRIAL AGE • V. Impact • A. Concentration of Wealth • B. Expanding Middle Class • C. Wage Earners • D. Working Women • E. Labor Discontent