September 27, 2011 Edgar Thomson warm-up Homework 6.1 check. 2 nd Industrial Revolution PP! Bring Textbooks and 2 nd Industrial Revolution packet tomorrow.

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Presentation transcript:

September 27, 2011 Edgar Thomson warm-up Homework 6.1 check. 2 nd Industrial Revolution PP! Bring Textbooks and 2 nd Industrial Revolution packet tomorrow. PP now…

The Second Industrial Revolution What is an Industrial Revolution? What are we changing? How does this change effect the United States? Men Women Children Immigrants Minorities

Bessemer Process The key principle is removal of impurities from the iron by oxidation through air being blown through the molten iron. The oxidation also raises the temperature of the iron mass and keeps it molten. Henry Bessemer

Why is the Bessemer process important?

George Westinghouse George Westinghouse founded Union Switch & Signal, abbreviated (US&S), in 1881, consolidating the assets of companies that had pioneered closed track circuits and interlockings. Operating as an independent company until 1917, US&S became a subsidiary of Westinghouse Air Brake.

George Pullman He used his money and success to develop a comfortable railroad sleeping car, the Pullman sleeper, or "palace car."

Thomas Alva Edison An American inventor and businessman who developed many devices that greatly influenced life around the world, including the phonograph and a long lasting light bulb.

Nikolaus August Otto The German inventor of the internal-combustion engine, the first engine to efficiently burn fuel directly in a piston chamber.

Alexander Graham Bell His research on hearing and speech further led him to experiment with hearing devices that eventually culminated in the invention of the telephone.

Brainstorm reasons why these men and their inventions are important to IR? George Westinghouse George Pullman Thomas Alva Edison Nikolaus August Otto Alexander Graham Bell

Edwin L. Drake

Edwin L. Drake - Titusville PA

Why was kerosene important? Kerosene lanterns

Free Enterprise

Business that is free from government involvement

Free Enterprise Business that is free from government involvement Gave way to Entrepreneurs People who start a new business

Free Enterprise Business that is free from government involvement Gave way to Entrepreneurs People who start a new business Entrepreneurs created Corporations Companies that sell shares of ownership called stocks

Name an entrepreneur and his/her corporation.

Vertical Integration

Why would a entrepreneur utilize Vertical Integration? Improve efficiency by making supplies reliable Control quality of product Eliminate middleman fees

Horizontal Integration Pizza Roma Vinny’s Pizza Hut Pappa Johns Vocelli’s McClinchie’s Pizza Kingdom

Why would an entrepreneur utilize Horizontal Integration? Control rivals Created trusts Cycle of buying competing company, Improve the efficiency of operations Pressing for discounts on shipments,THUS… Undercutting his competition AND Buying them out

What effect does Horizontal Integration and Vertical Integration have on business?

Top business men that utilized these business ideas… Carnegie Rockefeller J.P. Morgan Vanderbilt How did they build their fortunes?

Carnegie = Steel producer

Rockefeller Oil

J.P. Morgan Banking

Vanderbilt = Railroads

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