.Monday Notes for 6th Period.

So here's the deal

Economic Growth

-Corporation's are changing

-New Technologies

-Electric Power

-Older industries switched from steam power to electrical power

-Cleaner

-More efficient

-Horse Drawn Trolleys were replaced with electric powered trolleys and trains.

-Electricity brought amusement parks and movies.

-Gasoline Internal Combustion Engine

- Ford brought of the Model T

- Stimulated other industries making steel, glass, rubber, petroleum

or provided road construction and service station.

- Successful inventions like these required corporations with sophisticated

organizational and technical know-how.

-Changes in Size--Calls for change in Communication

-by 1900 railroads provided the country with an efficient transportation system.

-Allowed corporations to ship goods anywhere in the U.S.

- National network of telegraph lines allowed constant communication between buyers

and sellers

-Manufactures responded to this national market by mass production techniques that

increased production speed and lowered costs.

- This meant replacing skilled workers with machines.

- These Techniques required the sale of large quantities.

- This led to an advertising industry

At this point Will L. Told a Blonde Joke---Hm.

-New Ways for Corporations to keep a steady income

-Railroads helped by changing their ways. Instead their usual ruinous rate wars were used to put their competition out of business. (Ok it won’t let me go to the next line down... stupid thing) -"pools" developed where railroads share information on cost and profits, standardized rates and allocated discrete portions of the freight business among themselves.
-Sherman Antitrust Act of 1890 declared such cartel-like practices illegal.
-Corporations continued to seek ways to restrain or eliminate competition
-Mergers Emerge
-James Duke merged 5 cigarette companies into the American tobacco company in 1890. Other companies followed.
- The growth in the size of corporation revolutionized corporate management.
- Managers took over long term planning
-managers tried to make their methods more scientific.
-Scientific management attributed to Frederick Taylor used timed-motion studies to examine every human task and mechanical movement used in production.
-goal was to eliminate wasted human energy
-not appreciated by workers who didn't want to perform certain jobs.
-Ford motors tried cause exhaustions, errors, injuries, and workers quit.
-high turnover caused ford to raise wages to $5 a day.
-"Robbers Baron" No More
- the lavishing lifestyles of elite industrialists/robber barons, such as Cornelius Vanderbuilt, Jay Gould, and Leland Standford as well as their lack of concern for other works well being led to labor protects like the homestead and Pullman strikes and the attempted assassination of Andrew Carnegie's right hand man, Henry Clay Frick.
-These events caused industrialists to rein in their extravagance and used fortunes to help the public.
-Andrew Carnegie advocated a "Gospel of Wealth." Believed industrialists deserved their tremendous wealth (social Darwinism), but should donate unneeded money to the community (but not the individuals)
-others followed in 1904, journalist, Ida Tarbell exposed standard oil's abusive, monopolistic practices and the federal government prosecuted standard oil.
-John D. Rockefeller later set up the Rockefeller Foundation and donated money to establish the University of Chicago and the Rockefeller institute for medical research.

There ya go :o)