Industrialization Flashcards
(86 cards)
When was Industrialization?
The late 1800s- early 1900s
How can inventors, scientists, and entrepreneurs change society?
Inventors, scientists, and entrepreneurs can change society by creating new inventions that can improve or progress society forward. (Technology)
Explain: “This company disrupted an entire industry”.
This company revolutionized an entire industry and ruled the industry, was the main company in that sector. Ex, Apple and Standard Oil by Rockefeller- cornered the businesses.
How is Industrialization in the 1800’s different from Modern Technology?
Infrastructure, Very little government regulation, Owners had distinct advantage over the workers. While, Modern Technology is Technology, Improvements in existing business models, Easier access to information, Some government regulation, and Laws to protect workers.
President William McKinley (What party: what does that indicate, term, who elected him, what was there no regulation of? Why did the entrepreneurs want this? Bosses of the Senate?)
President William McKinley was a Republican (1897-1901). Very business friendly- The Entrepreneurs/businessmen invested close to 20 Million then dollars to get him elected. McKinley was still trying to please the businessmen. At this point in history, there was no regulation of businesses, the stock market or banks. Regulations did not start until the 1930s (after the Great Depression).- The Entrepreneurs wanted no regulation on business, did not support safe working conditions, owners can control the prices, don’t have to treat the workers fairly, monopolies- illegal. “Bosses of the Senate- Corporations can influence politics.
“The Glided Age”
INDUSTRIALIZATION OF THE EARLY 1900s WAS CALLED THE GILDED AGE.
-It was a period of economic growth where the US jumped in the lead in Industrialization against Great Britain. The nation was expanding their economy into new areas, especially heavy industry such as factories, railroads, and coal mining.
-The entrepreneurs relied on the workers to create the Gilded Age. - When something is gold on the outside, but can be rotten on the inside. Entrepreneurs- gold, workers rotten- he meant that the period was glittering on the surface but corrupt underneath (MarK Twain).
-The workers called themselves wage slaves.
-Infrastructure off the backs of workers.
Factories/ Hand-to-machine (What kind and where)
Mass production. Rural to Urban. Suburbs do not exist yet.
Mass Production
Many goods produced at one time.-Price goes down.
Assembly Line
Many goods are added until completed in a factory. - Cars are made this way, not expensive ones.
Transcontinental Railroad
Lincoln’s Idea- like a kid in a candy store. Built by Chinese workers West to East came through Angel Island and built by Irish workers East to West. So goods and people could travel across the country.
Mail Order and (Advertising)
Try to persuade people to buy.
-It is illegal to go into someone’s mail box. Keeps workers at their jobs!!
Infrastructure
Roads, tunnels, water pipes, and electricity. President uses to put people to work- helps the economy.
Lobbyists
Paid by a corporation- to convince Senators and Congressmen to vote their way. In exchange get money for their campaign.
Robber Barons or Captains of Industry?
Are the same person/thing. Entrepreneurs taking advantage of their workers- no Labor Laws, but entrepreneurs are taking huge risks starting a business (not definitely making money), but are mistreating their workers.
John D. Rockefeller
Founded the Standard Oil- everybody is getting the same thing, want to buy- consistency- ensure quality. The Standard Oil Company which produced kerosene used for lighting homes and electricity, gasoline is the waste product of oil, he even made money off of the waste product (true entrepreneur- made pipe lines, didn’t shut down overcame it)- Doesn’t need Vanderbilt anymore. Had a massive impact on railroads- how his oil was transported. His company disrupted an industry, revolutionized an industry. Radio City is not philanthropy.
Cornelius Vanderbilt
Steamships and railroads. Bought the Erie railroad, so people & goods could travel across the country. Gave rebates and lowered the rates to get more business- to certain and not others, went out of business.. Gave Rockefeller a huge advantage by giving him rebates. When Vanderbilt stopped giving Rockefeller rebates he made pipe lines, got the idea from refineries. (Straining Petroleum)
Fisk and Gould
-Were American businessmen and financers who caused the economic depression- affects the whole world. A Congressmen secretly told Fisk and Gould about the gold and how Congress needed it. Nothing illegal about it, but dirty. Congress bought the gold at an inflated price to get back to the US dollar.
-Took advantage of Vanderbilt. No government control to see if the owners were getting more money than they should have, there were no background checks then, so nothing illegal about it, no regulation of the stock market. Less stocks released the more valuable one stock is. Vanderbilt knew because the ink was still wet. Number of stocks affects how much the company is worth.
Andrew Carnegie
Carnegie Steel- J.P Morgan was the investor. Built infrastructure, sky scrapers, tunnels, bridges. The Bessemer steelmaking process- without fuel and enabled mass production, and the Homestead Strike- workers were paid very little and wanted to be paid more. - Stabs- like the Haitians/Pinkerton Detectives (not detectives) crossed the picket line.
-Brown rust. There is water underground. Waste product of kerosene is gasoline.
J.P Morgan
Became successful by merging companies into successful railroads, banking during the financial crisis which scared the government, and then caused the passing the Federal Reserve and the 16th Amendment, and he was also an early believer in electricity he invested money in Thomas Edison, became really successful, and ended up stealing business from Rockefeller- helped lighting. (A true entrepreneur) Made sure the 16th Amendment was passed- did not want to pay the government. - Bailing of banks financial crisis.
Henry Ford
Mass production of the automobile and assembly line- lowers the costs, more independence, and he changed the way cars are produced. (Changes society) - Mass production created homogenous consumers- all buying the same thing, all mass production, start buying more. Get everywhere- travel!! Don’t produce in China until 1970s.
Madam C.J. Walker
First female self made millionaire for her cosmetics. Lots of issues with race. Parents were born slaves. She was a powerful Black woman in a truly male dominated world.
What did all these entrepreneurs help the world do?
They all helped the country to grow domestically and as world power. For example, Jobs, Opportunity, Modernize, and Beacon (role model)for all other countries.
Tenements- urban areas
Like apartments buildings, close quarters. If the workers worked in factories in cities. Disease spread quickly and there were fire traps. (Bathroom down the hall, no laundry)
Sweatshops and what did the workers consider themselves?
Sweating! Unsafe factories, working 14 hours a day. The workers considered themselves wage slaves- had no rights and were paid very little.
