4 - Industrial Capitalism - August 30

4 - Industrial Capitalism - August 30 - IndustrialRevolution

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Industrial Revolution
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“Important Meeting of  Smokemakers” 
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5 characteristics of industrial  capitalism Technological innovation Government-assisted growth of business New forms of business organization Ambitious, talented,  and  ruthless entrepreneurs Steady supply of cheap labor
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Technological innovation =  expanded markets Communication and transportation Ex. Steam engines Ex. Refrigeration
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New technologies in iron and  steel and the expansion of the  railroad
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Additional new technologies Telegraph Telephone Electricity
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Government action Not “laissez-fare” Ex. Land grants and tax incentives to railroads Ex. High tariffs Ex. Indian wars Reluctant to  regulate  business—eg. minimum wage,  railroad rates
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New forms of business  organization Corporation Limited liability Far greater access to $$$ for investment Bigger enterprises Key industries all reliant upon corporation Trusts
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Vertical and horizontal  integration Andrew Carnegie,  steel industry John Rockefeller,  Standard Oil
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Rise of Finance Capitalism John Pierpont Morgan
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4 - Industrial Capitalism - August 30 - IndustrialRevolution

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