Indust 2011 - Chapter 20 I. Industrialization in the US II....

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Unformatted text preview: Chapter 20 I. Industrialization in the US II. Defenders and Critics of Corporate America III. The Workers World Defined as: the historical change from an agrarian to a manufacturing society  By 1890: 2/3s of American workers worked for wages  Between 1870 and 1920, 11 million Americans moved from the farm to the city; 25 million immigrants arrived from overseas  Employment: 40% worked in non-farm jobs in 1860; 72% worked non-farm jobs by 1920 Technological advancement included: electricity, steel, petroleum, internal combustion engine  Modern Corporations: laws of incorporation & limited liability allowed for massive expansion & new ways to finance businesses  Companies consolidate: Vertical integration: bringing together into a single company several of the activities in the process of creating a product Horizontal integration: merging one or more companies doing the same or similar activities to limit competition Criticism: 1% of the population controlled 88% of...
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Indust 2011 - Chapter 20 I. Industrialization in the US II....

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