The Second Industrial Revolution What is an Industrial Revolution? What are we changing? How does...
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Transcript of The Second Industrial Revolution What is an Industrial Revolution? What are we changing? How does...
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
Free Enterprise
Business that is free from government involvement
Free Enterprise
Business that is free from government involvement
Gave way to EntrepreneursPeople who start a new business
Free Enterprise
Business that is free from government involvement
Gave way to EntrepreneursPeople 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 an entrepreneur utilize Vertical Integration?
• Andrew Carnegie• Steel Powerhouse
Horizontal Integration
Pizza Hut
Pizza OutletDomino’s
Chuck E. Cheeses
Papa John’s
Why would an entrepreneur utilize
Horizontal Integration?
What effect does Horizontal Integration
and Vertical Integration have on business?
Why would an entrepreneur utilize Vertical Integration?
• Improve efficiency by making supplies reliable
• Control quality of product
• Eliminate middleman fees
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
Top business men
• Carnegie• Rockefeller• J.P. Morgan• Vanderbilt• How did they build their fortunes?
Carnegie = Steel producer
Rockefeller Oil
J.P. MorganBanking
Vanderbilt = Railroads