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Ch. 18 (WXT (A talented, energetic, and ambitious group of Entrepreneurs…
Ch. 18
WXT
A talented, energetic, and ambitious group of Entrepreneurs Were they "Captains of industry" or "Robber barons" they developed new financial and administrative structures to run large- scale production and distribution systems
Rapid spread of technological innovations and the factory system until 1870 a factory having 100 workers was a large business But by 1905 the Singer Sewing Machines Co. had a working capital of $20 million had 8 factories and employed 90,000 people
Rew Carnegie's Steel Industry Used special scales to measure materials in all parts of mill Became 1 st steel maker to establish actual product cost per ton of steel o So cut expenses was the basis for deciding on new tools, machines
Cigarette rolling-machine o Could roll 120,000 cigs/day - machine replaced 60 workers Products for the masses
Kodak camera - "You press the button, we do the rest" o Customer sent 100 picture film and camera to his Rochester factory - film developed, camera reloaded shipped back Workers - Problems 1860-1900 number of industrial workers went from 885,000 - 3.2 mil.
Transition to factories vs. workshops profound Ex - shoe & boot industry o In 1840s every shoe still made by hand by 1 man o Usually 1 shop had 4-5 shoemakers Agreed to work certain hours
Into a series of repetitive, easily master tasks o Worked in teams of 4 - each one only did 1-2 parts Workers lost freedom to come & go o Drink on job o Take off for "Special" days Workers would no longer help each other in sickness etc
1880s - shoe factories larger & more mechanize & traditional skills vanished replaced skilled workers w/ machines & lower-paid women & children By 1890 35% of shoe industry workers were women Problems
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Mine-safety laws Still all in all 5% workers in unions Strikes - 1881-1905 37,000 strikes In some cases became like mobs - property damage, looting, etc
May 1 1886 - 340,000 worked off jobs to show support for 8-hours workday in Cincinnati
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Helped improve technology - steel rails when he replaced the old iron tracks of the New York Central Heavier locomotives and cars Uniform track gauges - 4"8 ½" - 1886 New braking system - 1870s
Early 1890's: Decided to build his own steel mill Panic of 1893 led to depression so costs were low Used the new Bessemer process which made steel purer and stronger by burning off carbon.
Or improved o Tax profits o Would bring benefits of socialism without stifling individual initiative Labor Leaders - said yes Wanted to humanize the industrial order Everyone worked together Also Marxist socialists got into picture o Marx said as competition among capitalists increased, wages would decline to starvation levels & even some capitalists would find selves out of business New Technology After 1870 corporations stepped up efforts to introduce lots of new consumer goods
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