1. Innovation and Industrialization
Jeanie Shin, Lulu Tao, Wesley Yu, Phillip Cho

2. Inventions Many new inventions
Telephone/Alexander Graham Bell: strongly improved communication and enabled people to contact each other over vast distances
Inventions

3. Limiting Monopolies Individuals growing too rich/powerful
Monopoly: one person or enterprise with control of entire industry
Robber Baron
American industrialists or financial entrepreneurs of the late 19th century
Interstate Commerce Commission (ICC)
 (1887) regulate railroads
Sherman Anti-trust Act
 (1890) prohibits trusts
Limiting Monopolies

5. Ideas Social Darwinism: “survival of the fittest”
the belief that Darwinism (theory of natural sel ection) also apply to society
Ideas

6. Ideas (contd.) Laissez-Faire Capitalism:
form of capitalism where the government does not interfere with the economy
The economy runs naturally on its own. (related to ‘survival of the fittest)
Ideas (contd.)

7. Ideas (contd.) Rags to Riches:
an idea commonly included in author Horatio Alger’s works
the idea of ‘rags to riches’ inspired Americans
Ideas (contd.)

8. New Strategies Bessemer Process:
an inexpensive process for the mass production of steel
blasted compressed air through molten iron to burn out excess carbon and impurities to form steel
New Strategies

10. New Strategies (contd.)
Horizontal Integration:
Increase business share
Take over similar companies
Vertical Integration:
Controlled by a single company
Increase profit and power in marketplace
New Strategies (contd.)

11. Wealth Distribution Wealth inequality greater than ever
Andrew Carnegie’s Gospel of Wealth
suggested the idea of philanthropy, the idea that the rich should use their wealth to improve society
Wealth Distribution

12. Cornelius Vanderbilt: self made millionaire; revolutionized railroad transportation by making it more efficient (time zone)
Andrew Carnegie/Carnegie Steel: American industrialist and philanthropist who led the expansion of the American steel industry; created Carnegie Steel, a steel producing
company
People

13. People (contd.) John D. Rockefeller/Standard Oil: Thomas Edison:
Businessman
Standard Oil Company
Thomas Edison:
Inventor
Incandescent light bulb
Phonograph
Telegraph and telephone
People (contd.)

14. People (contd.) George Westinghouse/Electricity: Entrepreneur Engineer
AC electrical system
People (contd.)

15. Business Corporation: Entrepreneur: Business organization Legal rights
Creates or invests in businesses
Financial risks
Profit
Business

16. Bibliography http://www.spartacus.schoolnet.co.uk/USAcarnegie.htm
Bessemer_process.html
php
Bibliography