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Industrialization
| part | more |
|---|---|
| New Production Methods, Inventions, and Advertising | Assembly Line New inventions Advertising |
| Assembly Line | Allowed businesses to mass produce goods Led to cheaper goods |
| Henry Ford | Perfected the assembly line Model T-first affordable car |
| New inventions | Light Bulb Telephone |
| Light Bulb | Thomas Edison allowed factories to stay open later=more production=more money |
| Telephone | Alexander Graham Bell Faster communication made it easier to place and receive orders |
| Advertising | Convinced people to buy products that were massed produced |
| Examples of Advertising | billboards Newspaper Catalogs Pop terms Street cars Magazines |
| The Railroad Changes American Industry and Life | Created faster and cheaper transportation Railroad expansion led to the growth of other industries Railroad Barons controlled railroad traffic |
| Created faster and cheaper transportation | Refrigerated rail car-made it possible to ship meat without spoiling |
| Railroad expansion led to the growth of other industries. | Allowed business to ship products faster. |
| Examples of industries that grew. | Steel Lumber Coal |
| Railroad Barons controlled railroad traffic. | Vanderbilt, Huntington. Stanford. Consolidated the railroads. Gave rebates, or discounts to gain customers Created pools for secrete agreements, to cut out the competition. |
| The Rise of Big Business | Factors of production Raising capital Business Practice Captains of Industry/Robber Barons |
| Factors of Production | Land The land itself |
| Natural resource | Coal Lumber Iron Ore Oil Steel |
| Labor | Workers turn raw material into goods |
| Capital | machines Buildings Tools money for investment- selling stock and savings |
| Raising capital | Needs to pay workers Buy Materials Pay for advertising |
| Selling stock corporations-companies that sell stock to the public Stock is a share of ownership in the business | |
| Horizontal Integration | the purchase of companies in the same industry Example: An oil company buys other companies |
| Monopoly | When a single producer/company has control of an entire industry Vertical and horizontal integration can lead to a monopoly |
| Captains of Industry/Robber Barons | John D. Rockefeller Cornelius Vanderbilt Andrew Carnegie |
| John D. Rockefeller | Oil industry Bought out other companies Controlled 90% of the country’s oil. Started his own oil refinery that became the biggest in Cleveland Owned 50 of ‘em |
| Cornelius Vanderbilt | Railroad industry Invested money in railroad industry. Steamship captain nicknamed “Commodore.” Made a fortune with his own steamship line. |
| Andrew Carnegie | Steel Industry Started his own business Sold his steel company to J.P. Morgan for $447,000,000. |
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Holiday8
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