2. Objectives 4.04 – Describe innovations in agricultural technology and business practices and assess their impact on the West. 5.02 – Explain how businesses and industrial leaders accumulated wealth and wielded political and economic power. 7.04 – Examine the impact of technological changes on economic, social and cultural life in the United States. 4.04 – Describe innovations in agricultural technology and business practices and assess their impact on the West. 5.02 – Explain how businesses and industrial leaders accumulated wealth and wielded political and economic power. 7.04 – Examine the impact of technological changes on economic, social and cultural life in the United States.

3. Key Terms, People & Concepts 4.04 Interlocking directorates Vertical integration Horizontal integration 5.02 Edwin Drake Bessemer Process Andrew Carnegie Gospel of Wealth J. P. Morgan U. S. Steel John D. Rockefeller Standard Oil Company Vanderbilt family George Westinghouse 4.04 Interlocking directorates Vertical integration Horizontal integration 5.02 Edwin Drake Bessemer Process Andrew Carnegie Gospel of Wealth J. P. Morgan U. S. Steel John D. Rockefeller Standard Oil Company Vanderbilt family George Westinghouse Horatio Alger Herbert Spencer Gilded Age “Captains of industry” vs. “Robber barons” Laissez-faire Social Darwinism Monopoly 7.04 Electricity Movie camera Wright Brothers Henry Ford Assembly line $5 day Model T Horatio Alger Herbert Spencer Gilded Age “Captains of industry” vs. “Robber barons” Laissez-faire Social Darwinism Monopoly 7.04 Electricity Movie camera Wright Brothers Henry Ford Assembly line $5 day Model T

5. Steam Revolution & Railroads

6. Steel: The Bessemer Process Railroads & Skyscrapers

7. Thomas Alva Edison “Wizard of Menlo Park”

8. The Light Bulb

9. The Phonograph (1877)

10. The Ediphone or Dictaphone

11. The Motion Picture Camera

12. Alexander Graham Bell Telephone (1876)

13. Alternating Current George Westinghouse

14. Alternating Current “War of the Currents” Edison vs. Westinghouse “War of the Currents” Edison vs. Westinghouse

15. Oil Drill Edwin Drake

16. The Airplane Wilbur Wright Orville Wright Kitty Hawk, NC – December 7, 1903

17. Model T Automobile Henry Ford Assembly Line $5 Day Henry Ford Assembly Line $5 Day

18. “Model T” Prices & Sales

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

21. 1.Unskilled & semi-skilled labor in abundance. 2.Abundant capital. 3.New, talented group of businessmen (entrepreneurs) and advisors. 4.Market growing as US population increased. 5.Laissez-faire and protective tariff policies 6.Abundant natural resources. 7.Social Darwinism and Protestant Work Ethic 1.Unskilled & semi-skilled labor in abundance. 2.Abundant capital. 3.New, talented group of businessmen (entrepreneurs) and advisors. 4.Market growing as US population increased. 5.Laissez-faire and protective tariff policies 6.Abundant natural resources. 7.Social Darwinism and Protestant Work Ethic A Climate for Big Business

22. New Business Culture 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!

23. 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

24. 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!

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

27. New Types of Business Entities Trusts Horizontal Integration Vertical Integration Interlocking Directorates …Trusts can eventually eliminate all competition and become monopolies Trusts Horizontal Integration Vertical Integration Interlocking Directorates …Trusts can eventually eliminate all competition and become monopolies

28. New Type of Business Entities

29. Wall Street – Stock Exchange

30. U. S. Corporate Mergers

31. % of Billionaires in 1900

32. % of Billionaires in 1918

34. The Protectors of Our Industries

35. The ‘Bosses’ of the Senate

36. Standard Oil Co.

37. “The Gilded Age”