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Gilded Age

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Lauren Votier

on 30 January 2015

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Transcript of Gilded Age

Henry Bessemer developed a process for purifying Iron; strong,lightweight steel was created. This process was quickly adopted and soon the U.S. outproduced Britain.
Andrew Carnegie
"No man will make a great leader who wants to do it all himself or get all the credit for doing it"
~ Andrew Carnegie
Bessemer Process
The labor movement of 1865-1919 was initiated by strikes that began because of wage cuts, the new inventions of machinery, and the depersonalization of workers. The first of these strikes began in 1892 with workers at the Carnegie Steel Company. This occurred in 1893 when the nation was faced with another financial depression. During the late 1800s, the unions were conducting strikes that led to rioting and disorder.
During the labor movement workers and business owners were feuding over working conditions. They fought to find common ground on which both could agree. The government gained the upper hand in controlling union activities. The strikers called for reform within the workplace for both conditions and wages, but their violent actions spoke louder than their words. Throughout the strikes, the public approved of the government's strong hold.
Born Nov. 25,1889 this man created the wealthiest steel empire in the world. Known as "Gospel of wealth" he frequently wrote about the role of wealthy businessmen in the American Economy. He said that people had a right to accumulate as much wealth as they could but, has a responsibility to giveaway. As a dedicated philanthropist when he died he gave away 80% ($350 million) of his own fortune.
Wednesday, January 26, 1876
Vol XCIII, No. 311
Strikes in the late 1800's
Robber Barons
Drive for innovation and efficiency seemed to touch every sphere of life in U.S.
Patent:Grant by Federal Government giving inventor exclusive right to develop, use and sell inventions for a set period of time.
Patents increase.
Small businesses joined trusts funds where they received new profits.
Consumers harmed by unfairly high taxes and monopolies and cartels on their products,
Because of the capacity to swindle poor, shrew capitalists were then became known as "Robber Barons"
Rail Road Strike
Response to cuts in workers' wages.
Set scene for violent strikes to come ahead.
Haymarket Square
Part of campaign to achieve eight hours each work day.
Americans become weary of labor union; knights of labor are blamed for the riot and their membership is declined.
Homestead Street
Economic depression hits and leads to cuts in steelworkers wages.
After losing stand off, steelworker unions lost power throughout United States.
Pullman Street
Wages are cut without decrease in cost of living in company towns
Employers used courts to limit influences of the Union.
Monopolies and the Gospel of Wealth
Gospel of Wealth
Exclusive control by one company over an entire industry
Corporates try to gain a monopoly; complete control of products/service
Deals were made
If corporations don't have any other choice, the sole remaining company free to set prices.
Andrew Carnegie: 1889
Wealthiest Tycoon
When he passed, he gave 80% of his own fortune to others in dire need.
Wrote frequently about role of wealthy businessmen in American economy.
Said people had the right to accumulate as much wealth as they could but has responsibility to give away.
Popularly known as "Gospel of Wealth"
Thomas Edison
Electric Power
Andrew Carnegie
Used Vertical Consolidation to influence the rise of big businesses
John D. Rockefeller
Created new business strategies such as the horizontal consolidation
Samuel Gompers
Formed American Federalization of Labor (AFL) and influenced the rise of Labor Union.
Eugene V. Debs
Challenged big business by pullman strike and help found Industrial Workers of the World (IWW)
Thomas Edison
Invent new technology; lighting that stimulated business
Henry Bessemer
Developed process for strong, lightweight steel; for construction and railroads.
Thomas Edison was born in the year 1876. He supported by wealthy industrialists like J.P. Morgan. He established his research lab at Menlow Park, New Jersey where he had received 1,000 patents for new inventions. For example; his goal for developing lighting for homes. His team took their whole lives and dedicated it to figuring out how to make the first light bulb actually light. Few years later down the road after accomplishing the light bulb, they had developed plans for central power plants.
Transcontinental Rail-Roads
The railroads were built and owned by government. As industry grew in the West, the need for the rail roads increased as goods needed to be transported. The railroads linked between the East and West. The Congress supported the construction in two ways; 1. It provided money in the form of loans and made land grants and 2. It gave builders wide stretches of land, they alternated each side of the track. This was both expensive and difficult but the rail roads tied the nation together when it spurred industrial development and helped the growth of the city.
Steel Production
1850s in England
Henry Bessemer
Developed the process of purifying iron, strong but lightweight steel.
American industries quickly adopted him for the Bessemer Process.
1890, U.S. was outproducing British steel manufactures (i.e. Skyscrapers, elevators, etc.)
Used dramatically in suspension bridges
Roadways are also suspended by steel cables.
Standard Oil Company
Marked beginning of brand new ways of building and conducting business in America.
John D. Rockefeller
Business practices standard oil which was part of mainstream corporate culture in today.
Standard Oil became a dominant symbol of bustling American economy.
Company controlled 90% of nations oil industry,
Essential Question: How did industrialization affect both labor and the economy?
The Industrialization into the modern era affected both the labor and the economy in an irreversible way. It made workers and businesses part of a political and sociological machine that caused strikes, riots, and labor unions. The businesses that were involved gained so much wealth that it inevitably affected our economy still today.
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