Sep 2 Notes - general stimulus to economy national market...

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Notes Why such a big deal? Transportation revolution Energy revolution (using coal/petroleum) Communications revolution (communicate long distance) Continental economic nexus Global labor and financial markets (cheap immigrant labor) Factors leading to industrialization? Civil war National markets Abundant natural resources (gold, silver, coal…etc) Foreign capital (railroads) Entrepreneurs “captains of industry” or “Robber Barons” New business practices New sales and marketing practices Technological developments, R and D Immigrant labor (easy access – cheap labor) Government assistance to industrialization patents and protective tariffs (imported goods – tariffs like steel) federal land grants 130 mil acre given state and local government subsidities Railroads
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Unformatted text preview: general stimulus to economy national market large business consolidations management, cost accounting, economies of scale corporations Steel Bessemer process (lighter iron but stronger) Changed RR, AG, architecture and industry Andrew Carneigie (first billion dollar sold at) Vertical integration Steel production boomed (economies of scale more you sell, more profit) Oil 1859 found petroleum could make a range of products from kerosene to paint to lubricant 1870 John D Rockefeller enters business standard oil 1879 JDEr controls 90% of refining Horizontal integration (cant do anything w/ oil until refine them) 1987 JDR is worth 1 billion dollars Ohio oil was #1 producer for several years...
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