1. INDUSTRIAL AGE IN AMERICA To what extent was it justified to characterize the industrial leaders of the lat 19 th century as either “Robber Barons” or “Captains of Industry”?

2. I. Industrial Factors for GrowthI. Industrial Factors for Growth –A. Steel is King 1. Steel Production = Biggest affect on Tech. Change 2. “Bessemer Process” =Easy & Cost Effective to produce = replaces iron 3. Effects –a) RR’s carry heavier cars & travel faster –b) Allows mobility & expanded markets = City grows –c) Cities need space = skyscraper (steel girders) –d) Bridges hold greater loads INDUSTRIAL AGE

3. I. Industrial Factors for GrowthI. Industrial Factors for Growth –B. The Spirit of Innovation/Inventions 1. Increased Patents = labor saving technology increases productivity 2. Edison & Electricity INDUSTRIAL AGE

4. I. Industrial Factors for GrowthI. Industrial Factors for Growth –B. The Spirit of Innovation/Inventions 3. Westinghouse alternating current = transmission over long distance INDUSTRIAL AGE

5. I. Industrial Factors for GrowthI. Industrial Factors for Growth –B. The Spirit of Innovation/Inventions 4. Bell & Telephone 5. Others = Telegraph (transatlantic, typewriter, stock ticker, cash register, adding machine, Eastman/Kodak) INDUSTRIAL AGE 18761892 “Watson—come here—I want to see you.”

6. I. Industrial Factors for GrowthI. Industrial Factors for Growth –B. The Spirit of Innovation/Inventions 6. Increased Production –a) “Scientific Management” & “Taylorism” –b) Ford & Assembly Line INDUSTRIAL AGE

7. I. Industrial Factors for GrowthI. Industrial Factors for Growth –C. Natural Resources = oil, coal, iron ore, copper, lead, and timber

8. INDUSTRIAL AGE I. Industrial Factors for GrowthI. Industrial Factors for Growth –D. Labor Supply = immigrants, rural to urban movement –E. Large Market & Available Capital –F. Government Policies = Laissez- Faire?

9. INDUSTRIAL AGE I. Industrial Factors for GrowthI. Industrial Factors for Growth –F. Marketing & Mass Consumption A. Department & Chain Stores –1. Macy’s –2. Marshall Fields –3. Woolworth’s

10. INDUSTRIAL AGE I. Industrial Factors for GrowthI. Industrial Factors for Growth –F. Marketing & Mass Consumption B. Mail Order Catalogs –1. Sears, Roebuck –2. Montgomery Ward

11. INDUSTRIAL AGE II. Industrial EmpiresII. Industrial Empires –A. The Railroad 1. Transcontinental RR

12. INDUSTRIAL AGE II. Industrial EmpiresII. Industrial Empires –A. The Railroad 1. Transcontinental RR

13. INDUSTRIAL AGE II. Industrial EmpiresII. Industrial Empires –A. The Railroad 1. Transcontinental RR

14. INDUSTRIAL AGE II. Industrial EmpiresII. Industrial Empires –A. The Railroad 1. Transcontinental RR

15. INDUSTRIAL AGE II. Industrial EmpiresII. Industrial Empires –A. The Railroad 2. Tech. Improvements & Consolidation

16. INDUSTRIAL AGE II. Industrial EmpiresII. Industrial Empires –A. The Railroad 2. Tech. Improvements & Consolidation

17. INDUSTRIAL AGE II. Industrial EmpiresII. Industrial Empires –A. The Railroad 3. Corruption & Role of Government –Munn v. Illinois, Wabash Case, Interstate Commerce Act (ICC) 4. Impact

18. II. Industrial EmpiresII. Industrial Empires –B. Corporate Consolidation 1.Horizontal & Vertical Integration 2. Pool 3. Trust 4. Holding Company INDUSTRIAL AGE

19. II. Industrial EmpiresII. Industrial Empires –C. Carnegie & Steel Background Bessemer Process = tenfold increase in production 1877-1892 & requires fewer laborers & need for skilled workers “Whatever can be done by machinery, let machinery do, for it at least is insensible to Fourth of July, Washington’s birthday, political meetings, pay-days and whiskey.” Carnegie

20. INDUSTRIAL AGE II. Industrial EmpiresII. Industrial Empires –C. Carnegie & Steel Vertical Integration “From the moment these crude stuffs were dug out of the earth until they flowed in a stream of liquid steel in the ladles there was never a price, profit, or royalty paid to an outsider.” Carnegie

21. INDUSTRIAL AGE II. Industrial EmpiresII. Industrial Empires –C. Carnegie & Steel

22. INDUSTRIAL AGE II. Industrial EmpiresII. Industrial Empires –C. Carnegie & Steel

23. INDUSTRIAL AGE II. Industrial EmpiresII. Industrial Empires –D. Rockefeller & Oil Horizontal Integration & Trust

24. INDUSTRIAL AGE II. Industrial EmpiresII. Industrial Empires –D. Rockefeller & Oil 1897 = worth $900 million, before auto indust

25. INDUSTRIAL AGE II. Industrial EmpiresII. Industrial Empires –E. J.P. Morgan & Banking Holding Companies

26. INDUSTRIAL AGE III. Capitalism & CriticsIII. Capitalism & Critics –A. Social Darwinism “The captains of industry and the capitalists…if they are successful, win, in these days, great fortunes in a short time. There are no earnings which are more legitimate or for which greater services are rendered to the whole industrial body…millions more of wealth, manyfold greater than their own, scattered in the hands of thousands, would not exist but for them.” (Sumner, Forum, March 1884)

27. INDUSTRIAL AGE III. Capitalism & CriticsIII. Capitalism & Critics –B. Gospel of Wealth

28. INDUSTRIAL AGE III. Capitalism & CriticsIII. Capitalism & Critics –C. Conwell & Horatio Alger Myth

29. INDUSTRIAL AGE IV. Capitalism & CriticsIV. Capitalism & Critics –D. Alternative Visions Henry George & “Progress & Poverty” –Growing pop. = fixed land supply = unjustifiably push up property values = unearned profits for owners of land –Single –tax idea = 100% tax on profits Edward Bellamy & “Looking Backward” –Mild utopian socialist theme –Awakens in 2000 = “looks backward” = injustice of 1887 gone = government nationalized big business to serve public

30. INDUSTRIAL AGE III. Capitalism & CriticsIII. Capitalism & Critics –E. “Captains of Industry or “Robber Barons”?

31. INDUSTRIAL AGE III. Capitalism & CriticsIII. Capitalism & Critics –E. “Captains of Industry or “Robber Barons”?

32. INDUSTRIAL AGE III. Capitalism & CriticsIII. Capitalism & Critics –E. “Captains of Industry or “Robber Barons”?

33. INDUSTRIAL AGE IV. Capitalism & CriticsIV. Capitalism & Critics –F. Problems of Monopoly Sherman Antitrust Act

34. INDUSTRIAL AGE V. ImpactV. Impact –A. Concentration of Wealth –B. Expanding Middle Class –C. Wage Earners –D. Working Women –E. Labor Discontent