Between The Civil War and World War I, corporations replaced the family-owned business as the main form of business organization
Type of business that raises capital or money through stale of stock Stock – shares of ownership of a corporation Stockholder – part owners of a corporation Advantages Sale of stock can raise large amounts of money Liability is limited – the corporation is liable for the business’ actions, not individual owner
Made large-scale steel production possible Cheap and practical way of making steel Developed in 1857 by Henry Bessemer – also claimed by William Kelly of Kentucky When patents combined in 1866, the Bessemer process became widely used Made possible the construction of skyscrapers
Perfected the incandescent light bulb for homes and commercial use Holds 1,093 patents (1879) Other inventions include Phonograph (1879) Motion picture camera (1891) Founded General Electric
Nicknamed the Wizard of Menlo Park This is where the first US Industrial research laboratory – founded by Edison was located (Menlo Park, NY)
Attributed with invention of the telephone Alexander Graham Bell Alexander Graham Bell
On December 17, 1903, Orville Wright piloted the first successful powered airplane 20 feet above a wind- swept beach in North Carolina. The flight lasted 12 seconds and covered 120 feet. Three more flights were made that day with brother Wilbur piloting the record flight lasting 59 seconds over a distance of 852 feet.
First use of the conveyor belt assembly line in automobile production Introduced December 1, 1913
Carnegie Steel Company Revolutionized steel production in the United States Used technology and methods that made manufacturing steel easier, faster and more productive. Would later focus on philanthropy (Carnegie- Mellon University, Public Libraries) Andrew
Founded JP Morgan & Co. (Banking & Finance) (after consolidation and growth – now known as JP Morgan/Chase) Helped consolidate railroads Formed United States Steel (1901)after purchasing from Carnegie Even helped government through several financial crises JP Morgan
Co-Founder of Standard Oil Company At one time controlled 90% of the oil in the United States America’s first billionaire Rockefeller Rockefeller
Railroads and shipping Vanderbilt Vanderbilt
1) Laissez Faire government policy 2) Labor supply growth because of immigration and migration of Americans from South to North 3) Wealth of navigable (deep enough for boats) rivers and natural resources
Scottish Philosopher Adam Smith wrote An Inquiry into the Nature and Causes of the Wealth of Nations in 1776 Introduced the concept of laissez faire - the theory that government should not interfere in economic affairs – leave business alone to operate However the US Government did NOT follow a strict laissez faire policy because they passed laws/policies that help business
Protective tariffs Land grants for railroads
Labor supply in American Cities increased during 1865 and World War I Tens of thousands of immigrants came to the United states Native-born Americans moving from farms to American cities
During late 19 th and early 20 th century, racial discrimination increased in the United States.
Passed by Southern legislatures Provided for racial segregation – separation of the races By the early 20 th century, the South is not only segregating, they denied most African-Americans the right to vote
Racial prejudice against African-Americans was apparent in acts of intimidation used by Southern whites including lynching – hanging without a trial.
Because of racial discrimination and extreme poverty many Southern African- Americans began to move to Northern Cities. Called the Great Migration Speeded up during WWI because thousands of white males enlisted in the US Army during World War I
Supreme Court ruled that racial segregation in public facilities was constitutional as long as separate but equal facilities were provided Set a legal precedent for racial segregation in all areas of southern life. Facilities seldom equal
A major setback African-Americans had hoped the nation’s highest court would overturn Southern laws that would respect the intent of the 14 th and 15 th amendments.
Founded Tuskegee Institute in Alabama Believed the way to African-American equality was through vocational education and economic success. Said that once blacks made gains economically, Southern whites would be willing to extend social equality
First person of color to be granted a PhD from Harvard University Sociologist, Professor and Critic of Booker T. Washington Wanted immediate political equality for African-Americans Said they would remain powerless as long as they were denied the right to vote
With others – founded NAACP – National Association for the Advancement of Colored People Worked to gain legal rights for African- Americans
Also co-founded NAACP Led an anti-lynching crusade and called on the federal government to take action
1) Small number of Americans made tremendous fortunes 2) Raised the American standard of living 3) Workers organized national labor unions 4) Clashes occurred between industry and labor
Dangerous working conditions Use and abuse of child labor and women workers Factory workers faced long hours, low wages, little job security and no benefits
Often lived in company towns - renting houses owned by employer, shopping at stores owned by employer
Union – an organization of workers that tries to gain higher wages, improve working conditions and better employee benefits.
First important labor union in America Destroyed by the Haymarket Square Riot – violent altercation in Chicago in 1886 between workers and police