Social Impact of Industrialization Adam Smith: Laissez-faire, Free market Thomas Malthus: Laissez-faire, poverty was unavoidable (population rises faster than food supply) Jeremy Bentham: Utilitarianism, goal of society should be “the greatest happiness for the greatest number” Robert Owen: Utopian socialism, people as whole own & operate means of production (farms, factories, railroads, etc). Karl Marx: Communism, classless society
Fewer children, but medical advances decreased the death rate
Second Industrial Revolution First phase of IR was forged from iron, powered by steam engine, & driven by British textile industry Mid-1800’s, IR entered new phase
Henry Bessemer Steel
Henry Bessemer Steel: lighter, harder & more durable than iron
Brooklyn Bridge, 1883 Manhattan to Brooklyn 1,595.5 feet Akashi Kaikyō Bridge, 1998 Kobe to Iwaya in Japan 6532 ft
Home Insurance Building Burj Khalifa in Dubai is the tallest building in the world at 2,722 ft. since 2010 Home Insurance Building Chicago, 1884. 130 ft.cc
Steam power will be replaced by… Alfred Nobel Swedish chemist Widely used in construction & to his dismay, warfare Steam power will be replaced by…
Electricity Thomas Edison, 1870s Nikola Tesla https://www.youtube.com/watch?v=3FpjcOWwiI4 https://www.youtube.com/watch?v=fLiji1YgDGU
Transportation
Transportation
Internal combustion engine Transportation Orville & Wilbur Wright American bicycle makers 1903 Internal combustion engine
Communication Samuel F. B. Morse 1844 1865
Communication Alexander Graham Bell 1876 Guglielmo Marconi 1890's
Richest Americans of all time? (Adjusted for inflation) Donald Trump: $4 Mark Zuckerberg: $35.7 Warren Buffet: $66.7 Bill Gates: $79.2 Cornelius Vanderbilt: $185 Andrew Carnegie: $309
Richest Americans of all time? (Adjusted for inflation) Donald Trump: $4 Mark Zuckerberg: $35.7 Warren Buffet: $66.7 Bill Gates: $79.2 Cornelius Vanderbilt: $185 Andrew Carnegie: $309
J.D. Rockefeller $336 Billion
Big Business New technologies need investments Stock Corporations: businesses owned by many investors who buy shares of stock
Corporations Investors will lose no more than what they invest Had access to a lot of $ Great for risky business ventures Usually huge and impersonal Workers have little input Monopolies