ICL The emergence of corporate america 1865-1900

ICL The emergence of corporate america 1865-1900 - In Class...

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In Class Lecture History The Emergence of Corporate America 1865-1900 Development of industrial systems o Industrial system: Orderly arrangement or process of extraction, protection, transportation, distribution, or finance that enables an entire industrial order to function smoothly. Technology Innovations- were stepping stones of industrialization Effects of industrialization: US transformed from agrarian republic with merchants to strongest economic and industrial nation in the world (1890) Natural resources and industrial technology o New technologies increased scale and efficiency of using America’s vast natural resources Examples Steel industry: Bessermer Process converted much larger qualities of iron into steel Petroleum industry: able to transform crude oil to kerosene oil and new lubricants for machinery Environmental impact o Contaminated waters, pollutants depleted land resources Systematic Invertion o Role of inventions Thomas A Edison Light bulb George Eastman Kodak Rise of research labs Democratization effects o Can put a factory pretty much any where
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o Everyone can use these products Transportation and Communication o Need for transportation system to interconnect national markets Railroads and steamships o Importance of information Telegraph: Samuel Morse (1844) Telephone: Alexander Graham Bell (1876) 1950-1 st transcontinental phone line Role Corporation o “Robber Barons” vs. “Captains of industry” o Importance of entrepreneurs o Advantages of modern corporation Raise large amounts of capital by issuing “stock” Perpetual like of the corporation Limited liability Separation of owner from managers o White Collar is management Age of Monopoly o Strategies of growth The pool Horizontal combinations Vertical integration Owns each stage of production Favorable government policies Protested tariffs Laisses-faire principle o Not much government interference
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o Natural Monopoly Electric company o Olopopoly- a few o Andrew Carnegie o J. Edgar Hoover (1875) Took advantage of business cycles Bought up the business Hired highly skilled managers Minimized costs to undersell others Lower cost so much so they aren’t making a profit Drives out the other companies
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