1THE RISE OF SMOKESTACK AMERICA 1. Technological innovations a. Advances in technology allowed production to be more efficient which in turn generated new needs and newer innovations b. New power sources were at the heart of America’s shift to mass production; electricity was the key to a new world view for most Americans 2. Railroads a. Railroads were the first gigantic corporations in America b. The government expedited the building of the railroads with generous land grants and business-friendly regulations c. The high cost of running a railroad necessitated cut-throat business practices d. The logistical tangles of the industry prompted development of professional management techniques 3. Integration a. Vertical integration: adding operations before or after the production process such as distribution; desires all stages of production b. Horizontal integration: the combination of multiple similar business ventures under one “umbrella”; desires a monopoly of a particular market
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