HI125 Lecture Notes - Lecture 9: Edwin Drake, World-Systems Theory, Milkshake
Document Summary
John rockefeller guides the creation of one of the biggest corporations in history- standard oil- to consolidate the emerging petroleum industry: ta(cid:374)da(cid:396)d oil is st(cid:396)u(cid:272)tu(cid:396)ed as a (cid:862)t(cid:396)ust(cid:863) to allo(cid:449) fo(cid:396) (cid:272)e(cid:374)t(cid:396)alizatio(cid:374) and coordination. The trust eventually becomes negatively associated with monopolies: vertically integrated companies such as standard oil are the beginnings of a new type of corporate business organization that brought about a management revolution. Mid-term: this location, this time, 10 mc, 2 short answer/passage analysis questions. Explain why this was an american innovation and its consequences: what and how to study, four major systems. Industrial: financial, consumer, world system, majo(cid:396) (cid:395)uestio(cid:374)s (cid:894)(cid:862)(cid:449)hy(cid:863)(cid:895, major consequences (x happened, and therefore y is the significance, sensitivity to change. Oil: rock oil, 1859 edwin drake hits oil in titusville, pa, little capital needed to enter the industry, people become rich overnight, kerosene. What are the challenges: oil: the early days, u. (cid:449)as (cid:449)o(cid:396)ld"s leadi(cid:374)g p(cid:396)odu(cid:272)e(cid:396); (cid:373)ost of it (cid:449)as p(cid:396)odu(cid:272)ed i(cid:374)
