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The Second Industrial Revolution
Transcript of The Second Industrial Revolution
-Building of Railroads, Commerce, Industry, and Westward Expansion.
-The South was decimated and had to be rebuilt. Many Northerners (known as Carpetbaggers) invested in the South.
-The freeing of slaves further decimated the economy in the South.
Transformation of American Economy
-Bessemer process: converting iron ore to steel to create engines, railroad tracks, train parts, machines, girders for buildings (skyscrapers).
-Telegraph, Morse Code, Phonograph
-Mechanized Passenger Elevator
-Compressed Air Brake
-High-voltage alternating electric current (AC)
-First motorized piloted airplane engine.
Innovations of the 2nd Industrial Revolution
-Millions of Immigrants moved in from the 1870s to the early 1900s, changing the entire political field forever.
-The Progressive Era brought about many social and political changes.
-Gilded Age brought about more millionaires and consumer buying
-Many items were being invented that made one's social life easier and faster.
-Communication became faster and more effective with more national newspapers, magazines, and the telephone.
Social and Political Conditions during the 2nd Industrial Revolution
The 2nd Industrial Revolution
Marketing Techniques During the 2nd Industrial Revolution
-Department Stores began issuing mail order, even mailing log cabins.
Standard of Living in the 2nd Industrial Revolution
-It rose at a steady rate.
-Inventions made leisure time easier.
-Inventions also created more jobs that paid better.
-Living standards improved across all classes, creating a larger middle class.
-It began to rise after 1890, with cultural and economic reasons.
-The advent of department stores and their catalogs combined with improved railroads and international commerce made purchasing easier and more accessible.
-Marketing techniques improved with the advent of the modern ad agency.
-Women as "Mrs. Consumer," which had long been the woman's role, but in the 2nd Industrial Revolution, women became powerful consumers who could create boycotts in order to make some industries reform their businesses.
Major Businesses and their Leaders
-Carnegie Steel - Andrew Carnegie
-Standard Oil - John D. Rockefeller
-Railroads - Cornelius "Commodore" Vanderbuilt, Jay Gould, and J.P. Morgan
-American Telephone and Telegraph (AT&T) - Alexander Graham Bell
-Gustavus Franklin Swift and Phillip Danforth Armour - meatpacking industry and refrigerated railway cars; "the cheap beef era".
-General Electric (GE) - Thomas Edison
-Westinghouse Electric (helped bring electricity to the entire US) - George Westinghouse
-DuPont (chemical industry: nylon, kevlar, lycra, etc.) - Eleuthère Irénée du Pont
-J.P. Morgan - banking, merging of companies with Andrew Carnegie and General Electric
-Literal translation = "allow to be," in French.
-Originated in France with French economists.
-Developed by Adam Smith in his 1776 book A WEALTH OF NATIONS, a Scottish professor, who argued that the government should promote free trade and allow a free market place for labor and goods.
-The United States adopted this policy in the 1800s, in theory, but in practice many supported government involvement when it benefited them, i.e. high tariffs to encourage Americans to buy American products.
-A fiduciary relationship in which one party, known as a trustor, gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party, the beneficiary. - Investopedia.com
-Samuel Dodd, John D. Rockefeller's lawyer, came up with a way around the ban on monopolies by calling them trusts.
-Teddy Roosevelt thought this created a United States where the wealthiest saw no end to their greed and the rest of the country was roughing it, so he helped pass the 1890 Sherman Antitrust Law.
-Teddy then was able to dissolve the powerful J.P. Morgan's Northern Securities Railroad, and said that no man, no matter how powerful was above the law.
Monopolies Developing and their Economic Effects
-Industrialists wanted to increase their profits and used many methods, either fair or unfair, in order to achieve this end.
-Their goal was to have a competitive edge over all their competitors.
-They wanted to pay as little as the could on roaw materials, labor and shipping.
-Some industries sought to have complete control over their product: a monopoly.
-They did this by buying out their competitors or lowering prices so much that it put their competitors out of business.
-Once a monopoly is formed they can set any price they want; they know the consumer has no choice. A monopoly can also send out inferior products, again, because they know the consumer has no other options.
-They effect the economy by not giving the marketplace any reason to innovate and inferior products continue.
-A monopoly can create inflation because the industries that have monopolies can just keep raising prices on consumers.
Political Policies Affected by Monopolies
-Sherman Anti-Trust Act, 1890.
-"Outlawing trusts throughout the United States, the act gave the federal government the power to seize and break up companies operating as monopolies. Again, because the power of the “robber baron,” the owners of the great trusts, its measure were at first used mostly against the trusts’ enemies. Government authorities broke up unions on the grounds that they were unlawful combinations in restraint of trade. Finally, President William McKinley launched a crusade against the actual corporate trusts. In 1904, the Supreme Court upheld federal action against a railroad trust. In 1911, the federal government broke up Standard Oil." - ehow.com