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The Incorporation of America

The Incorporation of America. By: Ms. Susan M. Pojer Horace Greeley HS Chappaqua, NY. Causes of Rapid Industrialization. Steam Revolution of the 1830s-1850s. The Railroad fueled the growing US economy: First big business in the US. A magnet for financial investment.

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The Incorporation of America

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  1. The Incorporation of America By: Ms. Susan M. PojerHorace Greeley HS Chappaqua, NY

  2. Causes of Rapid Industrialization • Steam Revolution of the 1830s-1850s. • The Railroad fueled the growing US economy: • First big business in the US. • A magnet for financial investment. • The key to opening the West. • Aided the development of other industries.

  3. Causes of Rapid Industrialization • Technological innovations. • Bessemer and open hearth process • Refrigerated cars • Light bulb, phonograph, motion pictures

  4. Thomas Alva Edison “Wizard of Menlo Park”

  5. Alternate Current George Westinghouse

  6. Alternate Current Westinghouse Lamp ad

  7. U. S. Patents Granted 1790s  276 patents issued. 1990s  1,119,220 patents issued.

  8. Causes of Rapid Industrialization • Abundance of Unskilled & semi-skilled labor • Abundant capital. • New, talented group of businessmen [entrepreneurs] and advisors. • Market growing as US population increased. • Government willing to help at all levels to stimulate economic growth. • Abundant natural resources.

  9. New Business Culture Laissez Fairethe ideology of the Industrial Age. • Individuals should compete freely in the marketplace. • No room for government in the market!

  10. Social Darwinism in America • Individuals must have absolute freedom to struggle, succeed or fail. • Therefore, state intervention to reward society and the economy is futile! William Graham SumnerFolkways (1906)

  11. New Business Culture:“The American Dream?” Protestant (Puritan) “Work Ethic” • Horatio Alger [100+ novels] Is the idea of the “self-made man” a MYTH??

  12. New Type of Business Entities • Pool  Farmers had begun to resent stranglehold railroads exerted over the country • Govt. resisted intervention • 1887Interstate Commerce Act • First TRUE regulatory agency • Shipping rates had to be “reasonable and just” • Rates had to be published • Secret rebates were outlawed • Price discrimination against small markets was made illegal

  13. New Type of Business Entities • Standard Oil Co. • John D. Rockefeller Trust  Combination of firms or corporations formed by a legal agreement ESPECIALLY one that reduces or threatens to reduce competition

  14. Standard Oil Co.

  15. Iron & Steel Production

  16. New Type of Business Entities • Trust: • Horizontal Integration John D. Rockefeller • Vertical Integration: • Andrew Carnegie  U. S. Steel

  17. New Type of Business Entities

  18. U. S. Corporate Mergers

  19. New Financial Businessman The Broker: • J. Pierpont Morgan

  20. % of Billionaires in 1900

  21. The ‘Bosses’ of the Senate

  22. Cornelius [“Commodore”] Vanderbilt Can’t I do what I want with my money?

  23. William Vanderbilt • The public be damned! • What do I care about the law? H’aint I got the power?

  24. Modern ‘Robber Barons’??

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