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TTU / History / HIST 2301 / What is the important era of big business?

What is the important era of big business?

What is the important era of big business?

Description

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Lecture 4

  • Industrialization - 19th century important era for big business
  • Rudyard Kipling - British writer “the white man’s burden” justifying imperialism; saw world as Eurocentric
  • Chicago - “America’s Butcher” ⅘ of meat brough / consumed by Americans
  • 1900’s Chicago population was 1.7 million
  • Innovation, technology, new methods of production
  • 1876 Thomas Edison wanted to invent new product every 10 days; helping industrialization
  • Predominantly farming economy to freedom, manufacturing economy
  • Patents (1790 - 1860) US patent office granted 36000 patents
  • (1860 - 1930) they registered 1.5 million
  • Technology - long lasting light bulbs, then the telephone by Alexander Graham Bell
  • Transformations in shopping trends
  • Big business - emergence of chain stores
  • Small business and local merchants that are pushed out by bigger business
  • Laissez Faire; government should not be involved in regulating individualized work in the economy
  • Monopoly - one producer that controls supply of good / service
  • Railroads - Cornelius Vanderbilt's they connect people and create a national market
  • Responsible for the change of concept of time
  • Creation of time zones to keep track of shipments and train cars, etc
  • Steel - Andrew Carnegle; US Steel; Bessemer Process is turning iron into steel
  • Vertical integration and he bought and controlled every aspect of the production of steel, cuts costs
  • Standard Oil Company - John D. Rockefeller
  • Horizontal integration in order to eliminate competition, he bought all parts / aspects of the production of this product
  • Chemical - gunpowder in Delaware in 1800’s
  • 3 brothers took over company and started cheating chemical product
  • Automobile - 1914 General Motors made an engine that operated on vaporized gas
  • Built an internal combustion engine
  • Henry Ford associated with the assembly line or he perfected it
  • Banking - key role because private banks directed customer saving into projects through loans towards industrialists manufacturers
  • Encouraged investment, national banks, domestic trade
  • Private and national banksa together stimulated economy
  • Robber Barons - 19th century, a negative reference towards bankers and businessmen who gained wealth through unfair business practices
  • Maldistribution of wealth: the wealthy income rose more than those of citizens causing further dysfunction
  • Less money circulation
  • Social Darwinism - based on Darwin’s theory of evolution; in this case society evolves through competition (survival of the fittest)
  • Gospel of Wealth - Andrew Carnegie (1901) it is the wealthy’s responsibility to help and give back to the community in order to socially progress
  • Providing educational resources help people succeed and do better
  • Work and workplace - some people believed that instead of giving it is better to instead raise worker wages
  • Artisanal systems - localized work (apprentice, journeyman, master craftsmen)
  • Task orientated
  • Industrial system is time orientated in shifts rather than tasks
  • Scientific management - Frederick Taylor (1911) to maximize individual efficiency and production by breaking down each task into standardized movements
  1. Find obedient workers
  2. Management should supervise
  3. Adequate rest periods
  4. High wages
  • 1910 families couldn’t afford anything due to low wages
  • Homestead steel - 65 injuries (7 fatal), in one year 700 injuries (84 fatal)
  • 20% workforce dying every year
  • Triangle shirtwaist - textile factory mostly employed women
  • Employers thought females waren’t efficient enough
  • Began locking them in the building in order to prevent bathroom breaks, etc
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