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Big Business and Industrial Giants
Transcript
Big Business and Industrial Giants
FOCUS:
Objective: SOL 8b
describing the transformation of the American economy from a primarily agrarian to a modern industrial economy and identifying major
inventions that improved life in the United States.
Industry
Tell me what you see in this picture. Write a few sentences about things you see and what you think it means.
(Watch History Channel clip)
Edison
Environmental
Effects
- The Wizard of Menlo Park
- indoor lightbulb
- phonograph
- motion picture machine
J.P. Morgan
Inventions/ Technological Change
Rockefeller
- Banking, corporate finance, investment
- Merger: formed "General Electric"
- Assembly line- Ford
- Light Bulb- Edison
- Telephone- Alexander Graham Bell
- Airplane- Wright Brothers
- Bessemer Steel Process
- Corporation
- Oil refining (petroleum into usable oil)
- Standard Oil Company
- Kerosene, then gasoline
- Horizontal Combination
Corporations
Carnegie
James J. Hill
- Corporations: large companies owned by shareholders
- Monopolies: large companies with little competition/ trust company
- liability: risk/responsibility in the company
- capital: money used for investment
- Vertical Combination: buying up companies that make all of the products you need, and combining them into one large company
- Horizontal Combination: getting rid of competition by buying up all of the competition's companies
Also developed railroads, and worked with immigrants: developing jobs and education for them
- Vertical Combination
- Dominated the steel industry
- Became very wealthy and contributed to many charities
- monopoly
Vanderbilt
- New York Central: America's first great railroad system
- First to use steel tracks, bridges, and rails
- important for the meatpacking industry
Questions....
- What inventions did Thomas Edison create?
- What business was Rockefeller involved in?
- Vanderbilt? Morgan? Carnegie?
- Who was involved in vertical combination?
- Who used horizontal combination?
- Why was cattle ranching important to railroad companies?
- What jobs did people do in the U.S. before big business?
Airplane
Oil Well
The Wright Brothers
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