2. Thomas Alva Edison “Wizard of Menlo Park”

3. The Light Bulb

4. The Phonograph (1877)

5. The Ediphone or Dictaphone

6. The Motion Picture Camera

7. Alexander Graham Bell Telephone (1876)

8. Alternate Current George Westinghouse (400 patents)

9. Alternate Current Westinghouse Lamp ad

10. The Airplane Wilbur Wright Orville Wright Kitty Hawk, NC – December 7, 1903 852 feet, 59 seconds

11. Model T Automobile Henry Ford I want to pay my workers so that they can afford my product! – paid $5 a day ($1300) Henry Ford I want to pay my workers so that they can afford my product! – paid $5 a day ($1300)

12. “Model T” Prices & Sales

13. U. S. Patents Granted 1790s  276 patents issued. 1990s  1,119,220 patents issued.

14. 1. Unskilled & semi-skilled labor in abundance. 2. Abundant capital. 3. New, talented group of businessmen [entrepreneurs] and advisors. Market growing as US population increased. √Government willing to help at all levels to stimulate economic growth. √Abundant natural resources. 1. Unskilled & semi-skilled labor in abundance. 2. Abundant capital. 3. New, talented group of businessmen [entrepreneurs] and advisors. Market growing as US population increased. √Government willing to help at all levels to stimulate economic growth. √Abundant natural resources. Causes of Rapid Industrialization

15. New Business Culture 1. Laissez Faire  the ideology of the Industrial Age.  Individual as a moral and economic ideal.  Individuals should compete freely in the marketplace.  The market was not man-made or invented.  No room for government in the market!  Individual as a moral and economic ideal.  Individuals should compete freely in the marketplace.  The market was not man-made or invented.  No room for government in the market!

16. 2. Social Darwinism × British economist. × Advocate of laissez-faire. × Adapted Darwin’s ideas from the “Origin of Species” to humans. × Notion of “Survival of the Fittest.” × British economist. × Advocate of laissez-faire. × Adapted Darwin’s ideas from the “Origin of Species” to humans. × Notion of “Survival of the Fittest.” Herbert Spencer

17. 2. Social Darwinism in America William Graham Sumner Folkways (1906) $Individuals must have absolute freedom to struggle, succeed or fail. $Therefore, state intervention to reward society and the economy is futile! $Individuals must have absolute freedom to struggle, succeed or fail. $Therefore, state intervention to reward society and the economy is futile!

18. New Business Culture: “The American Dream?” 3.Protestant (Puritan) “Work Ethic”  Horatio Alger [100+ novels] 3.Protestant (Puritan) “Work Ethic”  Horatio Alger [100+ novels]

19. New Type of Business Entities 1.Pool 1887  Interstate Commerce Act  Interstate Commerce Commission created. 2.Trust  John D. Rockefeller 1.Pool 1887  Interstate Commerce Act  Interstate Commerce Commission created. 2.Trust  John D. Rockefeller  Standard Oil Co.

20. Standard Oil Co. Horizontal merger

21. New Type of Business Entities 2.Trust:  Horizontal Integration  John D. Rockefeller 2.Trust:  Horizontal Integration  John D. Rockefeller  Vertical Integration: o Gustavus Swift  Meat-packing o Andrew Carnegie  U. S. Steel  Vertical Integration: o Gustavus Swift  Meat-packing o Andrew Carnegie  U. S. Steel Homestead Strike – 1892 Gospel of Wealth

22. New Financial Businessman The Broker:  J. Pierpont Morgan, bought US Steel 1901 The Broker:  J. Pierpont Morgan, bought US Steel 1901

23. Wall Street – 1867 & 1900

24. The Reorganization of Work Frederick W. Taylor The Principles of Scientific Management (1911) Frederick W. Taylor The Principles of Scientific Management (1911)

25. The Reorganization of Work The Assembly Line

26. The Protectors of Our Industries

27. The ‘Bosses’ of the Senate

28. The ‘Robber Barons’ of the Past

29. Cornelius [“Commodore”] Vanderbilt Can’t I do what I want with my money?

30. William Vanderbilt $ The public be damned! $ What do I care about the law? H’aint I got the power? $ The public be damned! $ What do I care about the law? H’aint I got the power?

31. “On Wealth” Andrew Carnegie $ The Anglo-Saxon race is superior. $ “Gospel of Wealth” (1901). $ Inequality is inevitable and good. $ Wealthy should act as “trustees” for their “poorer brethren.” $ The Anglo-Saxon race is superior. $ “Gospel of Wealth” (1901). $ Inequality is inevitable and good. $ Wealthy should act as “trustees” for their “poorer brethren.”

32. Modern ‘Robber Barons’??