discovery which triggered new industries such as oil refining and electric light and power. A key role in this transformation of the American economy was the development of the railroad which was decades after the Civil War. Andrew Carnegie‚ Jay Gould‚ John D. Rockefeller‚ and other businesses initiated many strategies to seize markets and take combine the power. This period that was gleaming on the outside yet corrupt underneath is known as the “Gilded Age‚” according to Mark Twain.
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Chapter 17 The Economic Transformation of America 1877-1887 Industrialization • Foundations for Industrialization. • Unprecedented Growth of Businesses and Industry. • Industrial Revolution begins in England. • New Inventions spur growth Industrialization Changes Work • Factories would employ tens of thousands of workers. • • • • • Civil War results in dramatic growth of North Manufacturing materials for warfare. Factories built to furnish supplies for war Existing factories
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Captain of Industry or Robber Baron: J.P. Morgan J.P. Morgan was a post-civil war “captain of industry‚” separating him from the other “Greats” such as Cornelius Vanderbilt‚ John D. Rockefeller‚ and Andrew Carnegie because of his motives and his upbringing. A “robber baron” is most simply defined as an individual who has financial ambitions that cause him to knowingly take advantage of others for his own personal gain. A “captain of industry” seeks solutions to common problems‚ and though the outcome
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did Taylorism (scientific management) contribute to mass production? 6. What labor practices did Henry Ford implement to increase productivity? 7. Explain the concept of Social Darwinism. 8. How did Carnegie use vertical integration to create a monopoly? 9. How did Rockefeller use horizontal
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the beautification of the working environment‚ the manufacturers would have had no wealth to redistribute to philanthropist purposes. If Rockefeller had not “stolen” from his workers‚ who then would have contributed to the University of Chicago’s educational and enlightenment funds? If Carnegie had not donated his funds to the creation and prosperity of Carnegie University‚ how then would the University’s present day achievements have come alive? The fact of
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Rockefeller. He rose to that wealth and stature after enduring an impoverished childhood that forced his jobless father to relocate his family to America amid tough times in his native Scotland. As a young man‚ Carnegie worked to make ends meet as a messenger boy for a telegraph company and in a factory that made sewing machine “bobbins.” It was in 1853 that Carnegie was hired by Thomas Scott of the Pennsylvania Railroad Co. as a secretary
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2nd Industrial Revolution was a time when many positive developments occurred. Some of those developments. There were some positive and negative aspects of living during the Second Industrial Revolution. Some of the people where John D. Rockefeller and Andrew Carnegie became famous and wealthy people. However‚ overall‚ it was a positive‚ successful time of change. During the 2nd industrial revolution there were many positive developments that occurred. One positive development was document 1 were
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Austin Holley Mr. Dilley 9/16/15 J.P. Morgan If I asked the class who J.P. Morgan was‚ the room would go silent? However‚ if I were to ask them if they knew what the company Chase or Chase Bank did‚ they would be able to tell me and say they’ve heard of it. J.P. Morgan Chase is the parent company of Chase Bank. J.P. Morgan inspired one of the biggest banks and created one of the largest insurance holding firms in the country and it has been that way for about 120 years. John Pierpont Morgan was
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factories were working full pace to keep up with the demand for products. The railroad was also a large contributing factor in the extension of the American country. Oil had mainly been used for lighting lamps and was not very cheap. After John Rockefeller became an oil tycoon‚ the price of oil was nearly cut in half because it was easy to find and also to manufacture. Almost every home in America would soon have the luxury of having lights and fuel for their homes. The production of oil also developed
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dominated the economy and may be referred to as "Robber Barons."� These corrupt businessmen did not care about their consumers or employees. The "Robber Barons"� only cared about how to gain more profit for their corporation. John D. Rockefeller and Andrew Carnegie‚ dominant businessman of the late nineteenth century‚ monopolized the oil and steel industries. These shrewd businessmen known a "Robber Barons"� made billions of dollars and controlled their industry. Small businesses could not match
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