HIST 2112 Lecture Notes - Lecture 2: Samuel Morse, Thomas Edison, Mimeograph
Document Summary
4 railroad executives n 1833 designated timezones throughout the u. s, but weren"t officially adopted until 1916. The development of modern industrial society: resource development. Figure out better ways to extract and use resources. Puddlers: long, work intensive process of making iron into steel and very expensive. Bessemer converter: first inexpensive process for mass-production of steel and sold at a significantly lower price. Stronger, more flexible, and more durable: technology. George eastman- kodak, camera invention- improved it: transportation and communication. Standardized gages for railroads, automatic coupler, and air brakes. Startup costs: steamboat- low start up cause water was already there and only needed to pay for ship costs. Usually 1 firm: railroad- costly because you had to pay for land and had to build the railroad. Finance capitalism: investment sponsored by banks and bankers. Corporations: advantages- limited liability, separated owners from management. Disadvantages- costs more time and money than other business practices, gov"t agencies monitor corporations and they are taxed more.
