1. 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

2. Fewer children, but medical advances decreased the death rate

3. 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

4. Henry Bessemer
Steel

5. Henry Bessemer
Steel: lighter, harder & more durable than iron

6. Brooklyn Bridge, 1883
Manhattan to Brooklyn
1,595.5 feet
Akashi Kaikyō Bridge, 1998
Kobe to Iwaya in Japan
6532 ft

7. Home Insurance Building
Burj Khalifa in Dubai is the tallest building in the world at 2,722 ft. since 2010
Home Insurance Building
Chicago, ft.cc

8. Steam power will be replaced by…
Alfred Nobel
Swedish chemist
Widely used in construction & to his dismay, warfare
Steam power will be replaced by…

9. Electricity Thomas Edison, 1870s Nikola Tesla

10. Transportation

11. Transportation

12. Internal combustion engine
Transportation
Orville & Wilbur Wright
American bicycle makers
1903
Internal combustion engine

13. Communication
Samuel F. B. Morse
1844
1865

14. Communication
Alexander Graham Bell
1876
Guglielmo Marconi
1890's

15. 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

16. 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

17. J.D. Rockefeller
$336 Billion

18. Big Business New technologies need investments
Stock
Corporations: businesses owned by many investors who buy shares of stock

19. 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