Railroads: Precursor of the Industrial Revolution

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Presentation transcript:

Topic: Assessing the impact of Corporate Consolidation of American Industry and Technology

Railroads: Precursor of the Industrial Revolution Benefits of Railroads Travel, markets, raw materials Government subsidies of railroads Land grants, loans Major railroad companies Union Pacific and Central Pacific (Transcontinental RR & Leland Stanford) Vanderbilt: Railroad magnate Railroad abuses Stock watering Shipping rates and farmers Rebates Pools Wabash Case (1886) Government response: Interstate Commerce Commission (1887)

“The Trusts” and Robber Barons Andrew Carnegie Steel & Bessemer Process (Pittsburg) Vertical Integration J.D. Rockefeller Standard Oil: “American Rose” or the Octopus”? Horizontal Integration Corporation  Trust J.P. Morgan Banking and Stock Market Buys US Steel “Interlocking Directorates” Competition vs. Monopoly

The “Age of Invention” Investment of capital, needs of businesses, “American know-how” Major inventions: Typewriter Telephone (Bell) Pullman sleeping car and Refrigerated Car Elevator Electric railway and automobile (1900) Thomas Edison Light bulb Motion pictures phonograph

Impact of Industrialization Connecting the nation Growth of cities Emergence of full Industrial Capitalism Exploitation of natural resources Immigration Growth of Cities “New South” Comparatively high standard of living Laissez Faire or “Trust busting”? Time regimentation (Fredrick Taylor) Women workers Labor Unions grow

Conclusion Look at your statement regarding the Industrialists from the beginning of the lesson. Do you still feel that way about them? Explain your reasoning.