Download - USA HISTORY of BILLIONERS
![Page 1: USA HISTORY of BILLIONERS](https://reader034.vdocuments.mx/reader034/viewer/2022051213/55a5b8c01a28ab750e8b45b5/html5/thumbnails/1.jpg)
By A.Arputha Selvaraj APMP IIM Calcutta
By A.Arputha Selvaraj APMP IIM Calcutta
![Page 2: USA HISTORY of BILLIONERS](https://reader034.vdocuments.mx/reader034/viewer/2022051213/55a5b8c01a28ab750e8b45b5/html5/thumbnails/2.jpg)
Essentia l Ques tion
Industrialization increased the standard
of living and the opportunities of most
Americans, but at what cost?
![Page 3: USA HISTORY of BILLIONERS](https://reader034.vdocuments.mx/reader034/viewer/2022051213/55a5b8c01a28ab750e8b45b5/html5/thumbnails/3.jpg)
Causes of Rapid Indus tria liza tion1. Steam Revolution of the 1830s-1850s.
2. The Railroad fueled the growing US economy:
First big business in the US. A magnet for financial investment. The key to opening the West. Aided the development of other
industries.
![Page 4: USA HISTORY of BILLIONERS](https://reader034.vdocuments.mx/reader034/viewer/2022051213/55a5b8c01a28ab750e8b45b5/html5/thumbnails/4.jpg)
Causes of Rapid Indus tria liza tion
3. Technological innovations. Bessemer and open hearth
process Refrigerated cars Edison
o “Wizard of Menlo Park”o light bulb, phonograph, motion
pictures.
![Page 5: USA HISTORY of BILLIONERS](https://reader034.vdocuments.mx/reader034/viewer/2022051213/55a5b8c01a28ab750e8b45b5/html5/thumbnails/5.jpg)
Thomas Alva Edison
“Wizard of Menlo Park”
![Page 6: USA HISTORY of BILLIONERS](https://reader034.vdocuments.mx/reader034/viewer/2022051213/55a5b8c01a28ab750e8b45b5/html5/thumbnails/6.jpg)
The Light Bulb
![Page 7: USA HISTORY of BILLIONERS](https://reader034.vdocuments.mx/reader034/viewer/2022051213/55a5b8c01a28ab750e8b45b5/html5/thumbnails/7.jpg)
The Phonograph (1877)
![Page 8: USA HISTORY of BILLIONERS](https://reader034.vdocuments.mx/reader034/viewer/2022051213/55a5b8c01a28ab750e8b45b5/html5/thumbnails/8.jpg)
The Ediphone or Dictaphone
![Page 9: USA HISTORY of BILLIONERS](https://reader034.vdocuments.mx/reader034/viewer/2022051213/55a5b8c01a28ab750e8b45b5/html5/thumbnails/9.jpg)
The Motion Picture Camera
![Page 10: USA HISTORY of BILLIONERS](https://reader034.vdocuments.mx/reader034/viewer/2022051213/55a5b8c01a28ab750e8b45b5/html5/thumbnails/10.jpg)
Alexander Graham Bell
Telephone (1876)
![Page 11: USA HISTORY of BILLIONERS](https://reader034.vdocuments.mx/reader034/viewer/2022051213/55a5b8c01a28ab750e8b45b5/html5/thumbnails/11.jpg)
Alterna te Current
George Westinghouse
![Page 12: USA HISTORY of BILLIONERS](https://reader034.vdocuments.mx/reader034/viewer/2022051213/55a5b8c01a28ab750e8b45b5/html5/thumbnails/12.jpg)
Alterna te Current
Westinghouse Lamp ad
![Page 13: USA HISTORY of BILLIONERS](https://reader034.vdocuments.mx/reader034/viewer/2022051213/55a5b8c01a28ab750e8b45b5/html5/thumbnails/13.jpg)
The Airplane
Wilbur Wright Orville Wright
Kitty Hawk, NC – December 7, 1903
![Page 14: USA HISTORY of BILLIONERS](https://reader034.vdocuments.mx/reader034/viewer/2022051213/55a5b8c01a28ab750e8b45b5/html5/thumbnails/14.jpg)
Model T Automobile
Henry FordI want to pay my workers so that they can
afford my product!
![Page 15: USA HISTORY of BILLIONERS](https://reader034.vdocuments.mx/reader034/viewer/2022051213/55a5b8c01a28ab750e8b45b5/html5/thumbnails/15.jpg)
“Model T” Prices & Sa les
![Page 16: USA HISTORY of BILLIONERS](https://reader034.vdocuments.mx/reader034/viewer/2022051213/55a5b8c01a28ab750e8b45b5/html5/thumbnails/16.jpg)
U. S . Pa tents Granted
1790s 276 patents issued.1990s 1,119,220 patents issued.
![Page 17: USA HISTORY of BILLIONERS](https://reader034.vdocuments.mx/reader034/viewer/2022051213/55a5b8c01a28ab750e8b45b5/html5/thumbnails/17.jpg)
4. Unskilled & semi-skilled labor in abundance.
5. Abundant capital.6. New, talented group of businessmen
[entrepreneurs] and advisors.7. Market growing as US population increased.8. Government willing to help at all levels to
stimulate economic growth.9. Abundant natural resources.
Causes of Rapid Indus tria liza tion
![Page 18: USA HISTORY of BILLIONERS](https://reader034.vdocuments.mx/reader034/viewer/2022051213/55a5b8c01a28ab750e8b45b5/html5/thumbnails/18.jpg)
New Business Culture
1. Laissez Fa ire the ideology of the Industrial Age. Individual as a moral and economic
ideal. Individuals should compete freely
in the marketplace. The market was not man-made or
invented. No room for government in the
market!
![Page 19: USA HISTORY of BILLIONERS](https://reader034.vdocuments.mx/reader034/viewer/2022051213/55a5b8c01a28ab750e8b45b5/html5/thumbnails/19.jpg)
2. Socia l Darwinism
British economist. Advocate of
laissez-faire. Adapted Darwin’s
ideas from the “Origin of Species” to humans.
Notion of “Survival of the Fittest.”
Herbert Spencer
![Page 20: USA HISTORY of BILLIONERS](https://reader034.vdocuments.mx/reader034/viewer/2022051213/55a5b8c01a28ab750e8b45b5/html5/thumbnails/20.jpg)
2. Socia l Darwinism in America
William Graham SumnerFolkways (1906)
$ Individuals must have absolute freedom to struggle, succeed or fail.
$ Therefore, state intervention to reward society and the economy is futile!
![Page 21: USA HISTORY of BILLIONERS](https://reader034.vdocuments.mx/reader034/viewer/2022051213/55a5b8c01a28ab750e8b45b5/html5/thumbnails/21.jpg)
New Business Culture :“The American Dream?”
3. Protestant (Puritan) “Work Ethic” Horatio Alger [100+ novels]
Is the idea of the “self-made man” a MYTH??
![Page 22: USA HISTORY of BILLIONERS](https://reader034.vdocuments.mx/reader034/viewer/2022051213/55a5b8c01a28ab750e8b45b5/html5/thumbnails/22.jpg)
New Type of Bus iness Entities1. Pool
1887 Interstate Commerce Act Interstate Commerce Commission created.
2. Trust John D. Rockefeller
Standard Oil Co.
![Page 23: USA HISTORY of BILLIONERS](https://reader034.vdocuments.mx/reader034/viewer/2022051213/55a5b8c01a28ab750e8b45b5/html5/thumbnails/23.jpg)
Standard Oil Co.
![Page 24: USA HISTORY of BILLIONERS](https://reader034.vdocuments.mx/reader034/viewer/2022051213/55a5b8c01a28ab750e8b45b5/html5/thumbnails/24.jpg)
New Type of Bus iness Entities2. Trust:
Horizontal Integration John D. Rockefeller
Vertical Integration:o Gustavus Swift Meat-packingo Andrew Carnegie U. S. Steel
![Page 25: USA HISTORY of BILLIONERS](https://reader034.vdocuments.mx/reader034/viewer/2022051213/55a5b8c01a28ab750e8b45b5/html5/thumbnails/25.jpg)
Iron & Stee l Production
![Page 26: USA HISTORY of BILLIONERS](https://reader034.vdocuments.mx/reader034/viewer/2022051213/55a5b8c01a28ab750e8b45b5/html5/thumbnails/26.jpg)
New Type of Bus iness Entities
![Page 27: USA HISTORY of BILLIONERS](https://reader034.vdocuments.mx/reader034/viewer/2022051213/55a5b8c01a28ab750e8b45b5/html5/thumbnails/27.jpg)
U. S . Corpora te Mergers
![Page 28: USA HISTORY of BILLIONERS](https://reader034.vdocuments.mx/reader034/viewer/2022051213/55a5b8c01a28ab750e8b45b5/html5/thumbnails/28.jpg)
New Financia l Bus inessman
The Broker: J. Pierpont Morgan
![Page 29: USA HISTORY of BILLIONERS](https://reader034.vdocuments.mx/reader034/viewer/2022051213/55a5b8c01a28ab750e8b45b5/html5/thumbnails/29.jpg)
Wall S tree t – 1867 & 1900
![Page 30: USA HISTORY of BILLIONERS](https://reader034.vdocuments.mx/reader034/viewer/2022051213/55a5b8c01a28ab750e8b45b5/html5/thumbnails/30.jpg)
The Reorganiza tion of Work
Frederick W. TaylorThe Principles of Scientific Management (1911)
![Page 31: USA HISTORY of BILLIONERS](https://reader034.vdocuments.mx/reader034/viewer/2022051213/55a5b8c01a28ab750e8b45b5/html5/thumbnails/31.jpg)
The Reorganiza tion of Work
The Assembly Line
![Page 32: USA HISTORY of BILLIONERS](https://reader034.vdocuments.mx/reader034/viewer/2022051213/55a5b8c01a28ab750e8b45b5/html5/thumbnails/32.jpg)
% of Billiona ires in 1900
![Page 33: USA HISTORY of BILLIONERS](https://reader034.vdocuments.mx/reader034/viewer/2022051213/55a5b8c01a28ab750e8b45b5/html5/thumbnails/33.jpg)
% of Billiona ires in 1918
![Page 34: USA HISTORY of BILLIONERS](https://reader034.vdocuments.mx/reader034/viewer/2022051213/55a5b8c01a28ab750e8b45b5/html5/thumbnails/34.jpg)
The Pro te c to rs o f O ur Indus trie s
![Page 35: USA HISTORY of BILLIONERS](https://reader034.vdocuments.mx/reader034/viewer/2022051213/55a5b8c01a28ab750e8b45b5/html5/thumbnails/35.jpg)
The ‘Bo s s e s ’ o f the Se na te
![Page 36: USA HISTORY of BILLIONERS](https://reader034.vdocuments.mx/reader034/viewer/2022051213/55a5b8c01a28ab750e8b45b5/html5/thumbnails/36.jpg)
The ‘Ro bbe r Ba ro ns ’ o f the Pa s t
![Page 37: USA HISTORY of BILLIONERS](https://reader034.vdocuments.mx/reader034/viewer/2022051213/55a5b8c01a28ab750e8b45b5/html5/thumbnails/37.jpg)
Corne lius [“Commodore”] Vanderbilt
Can’t I do what I want with my money?
![Page 38: USA HISTORY of BILLIONERS](https://reader034.vdocuments.mx/reader034/viewer/2022051213/55a5b8c01a28ab750e8b45b5/html5/thumbnails/38.jpg)
William Vanderbilt
$ The public be damned!
$ What do I care about the law? H’aint I got the power?
![Page 39: USA HISTORY of BILLIONERS](https://reader034.vdocuments.mx/reader034/viewer/2022051213/55a5b8c01a28ab750e8b45b5/html5/thumbnails/39.jpg)
The Gospe l of Wealth:Religion in the Era of Indus tria liza tion
Russell H. Conwell
$ Wealth no longer looked upon as bad.
$ Viewed as a sign of God’s approval.
$ Christian duty to accumulate wealth.
$ Should not help the poor.
![Page 40: USA HISTORY of BILLIONERS](https://reader034.vdocuments.mx/reader034/viewer/2022051213/55a5b8c01a28ab750e8b45b5/html5/thumbnails/40.jpg)
“On Wealth”
Andrew Carnegie
$ The Anglo-Saxon race is superior.
$ “Gospel of Wealth” (1901).
$ Inequality is inevitable and good.
$ Wealthy should act as “trustees” for their “poorer brethren.”
![Page 41: USA HISTORY of BILLIONERS](https://reader034.vdocuments.mx/reader034/viewer/2022051213/55a5b8c01a28ab750e8b45b5/html5/thumbnails/41.jpg)
Regula ting the Trus ts1877 Munn. v. IL
1886 Wabash, St. Louis & Pacific Railroad Company v. IL
1890 Sherman Antitrust Act in “restraint of trade” “rule of reason” loophole
1895 US v. E. C. Knight Co.
![Page 42: USA HISTORY of BILLIONERS](https://reader034.vdocuments.mx/reader034/viewer/2022051213/55a5b8c01a28ab750e8b45b5/html5/thumbnails/42.jpg)
Rela tive Share of World Manufacturing
![Page 43: USA HISTORY of BILLIONERS](https://reader034.vdocuments.mx/reader034/viewer/2022051213/55a5b8c01a28ab750e8b45b5/html5/thumbnails/43.jpg)
Modern ‘Robber Barons’??