HIST 201 Lecture Notes - Lecture 2: Wrought Iron, Bessemer Process, Horizontal Integration

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Began using machines operated by unskilled labor instead of using skilled labor alone. Came to the us beginning around 1790. Industrial revolutions always began with a power source. Industrialization became more important after the civil war. Steel had an important role in industrialization. Bessemer converter (less energy to produce heat) allowed steel to be produced. Decreased the need for coal and made production more efficient and cheaper. Railroad growth were influenced by steel and required more administrative institutions. Required a hierarchal organization of various managers and professionals. Allowed railroads to have a sprawling organization. Forced time zones and uniform time on everyone. First stocks on nye were railroad stocks. Trust: a company whose purpose is to buy up a stock and former companies and controls all of them together with its own organization. Rockefeller started standard oil of ohio in 1870. Tried to buy out competitors to reduce competition.

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