Vocabulary List 5 - Time Zone -Integrate -Investor -Distribution

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Presentation transcript:

Vocabulary List 5 - Time Zone -Integrate -Investor -Distribution -Consumer -Resource -Practice -Chain Stores (p103) -Mail-Order catalogue (p 103)

Second Industrial Revolution Industry Tycoons & Inventors

I. Railroads A) Background: Transcontinental RR connected entire continent Building/running RR is dangerous work - 2,000 died, 20,000 injured B) Benefits: Increased trade amongst cities Helped all other industries grow C) Abuses: Excessive rates Tried to obtain favorable legislation through bribery D) Consequences: Interstate Commerce Act 1887 - government could regulate shipping rates Started by Granger Movement

I. Railroads (cont…) E) Conelius Vanderbilt - merged RR lines to create powerful RR system between Chicago, NYC and Boston. Created steel rails / bridges

Video on Vanderbilt

II. Steel A) Bessemer Process Cold Air + Molten Iron = Tougher Steel Steel used for everything → Buildings! B) Andrew Carnegie - Steel King Pittsburgh Wealthiest man in America Carnegie Steel Co. > Great Britian Steel *Vertical Integration

III. Oil & Petroleum A) Early uses: Kerosene - lighting Oil grease - machine lubrication Eventually… used for fuel B) John D Rockefeller Standard Oil Co. Horizontal Integration Dominated 90% of oil business Sherman Anti-trust Act - dissolved company because too big.

Video on Carnegie & Rockefeller

IV. Finance A) JP Morgan - largest private banker in America Bought Carnegie Steel company Merged with other steel companies Created first billion dollar company (US Steel Corp)

Video on JP Morgan

V. Other Industries A) Meat-Packing Pioneered by Armour, Morris & Swift Cows/Pigs slaughtered shipped to all parts waste used for glue, soap & fertilizer B) Tobacco - James Duke created American Tobacco Company Famous for price wars Dissolved by Anti-trust act C) Chemicals - DuPont Family started with Gunpowder, eventually worldwide corp

VI. Other Inventions

VII. Retail is born A) Past - people purchased things only at general stores. Now… B) Specialty Shops - single type of product C) Chain stores - same store, different location D) Department stores - product categories in separate departments (Marshall Field) E) Selling by Mail - shopping by catalogue (Sear, Roebuck) F) Advertising & Marketing - in newspapers/magazines $50 million spent in 1867 $500 million spent in 1900 G) Packaging - created brand awareness

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