Technology & Business: Advancement and Setback
Western Ranching Growing populations and rising standards of living in the East created a demand to move cattle East. How to get cattle to the East alive? Long drive to shipping rails 8-18 Cowboys for every 300-1000 cows Hard, dangerous, and dirty work
Think about your idea of a typical cowboy: Now consider: About 1 in 5 cowboys was Mexican, and 1 in 7 was black.
Railroads 1870-1880: 4 transcontinental railroads built Encourages more settlers Railroad Companies & Government Sell land to settlers for $2-$10/acre- Need railroads to bring supplies to build their homes!
RR’s influence on Public Before Time Zones were set, when traveling to the east or to the west, would have to change by 1 minute every 12 miles to always have the correct time. Standard Time Zones= 4 in U.S.
Technology-practical application of science to industry. 1st Industrial revolution= Steam engine 2nd Industrial revolution Electricity Build factories near raw material and labor S.F.B. Morse> telegraph Ties the nation together. Thomas Alva Edison Light bulb, phonograph, microphone, motion picture camera. Alexander Graham Bell Telephone
What would your life be like without:
Advances in Industrialization Steel and Henry Bessemer The Bessemer process revolutionized steel manufacture by decreasing its cost, and greatly increasing the scale and speed. Steel mills of Pennsylvania were supplied with immigrants from Eastern Europe (Slavic) Natural Resources Silver>Comstock Lode, Nevada Iron Ore>Minnesota Coal>Appalachian Highlands Oil>Edwin Drake-Titusville, Pennsylvania
Business No Government intervention (laissez faire) Robber Barons Raise money through selling shares. Company run by a Board of Directors Trust A combination of corporations aimed at creating a monopoly (eliminate competition). By 1900> 4/5 of all American businesses were trusts.
Andrew Carnegie U.S. Steel Richest Man in the World Vertical integration Controlling all parts of process of making one product
How to Get Vertical Integration You buy all the: You get a monopoly on:
John D. Rockefeller Standard Oil Horizontal Integration Controlling many companies in the business of producing the same or similar products
How to get Horizontal Integration:
Other Robber Barons Cornelius Vanderbilt> Railroads James B. Duke>Tobacco J.P. Morgan> banking Philanthropists>give away money to needy groups.