Discussion #2 As Capitalism gets out of control?: The Industrial Revolution and
ID: 1147598 • Letter: D
Question
Discussion #2 As Capitalism gets out of control?: The Industrial Revolution and Age of Imperialism Industrialism in America was spurred by a wealth of natural resources, the creation, capturing, and inventive use of electrical energy, a new way to create cheap steel, and American entrepreneurship which turned into the American stock market: Wall Street. New inventions, new wealth, and cheap steel started an arms race between countries worldwide including Great Britain, Germany, the US, and Japan. These countries then began invading undeveloped countries in what we know today as the Age of Imperialism. After reading and watching the videos, explain in a well written academic style paragraph of at minimum 250 words, free of grammatical errors, an answer for the following question (answer all questions within): "How did John D. Rockefeller become the richest man in the world? How did Carnegie? How did they treat their workers? What was the Homestead Strike over? How was it resolved? Who changed the way you live today from before the industrial revolution more, Tesla or Edison? Explain what inventions you think are most valuable. Why was the Federal Reserve created and what is it? What territories did the US de facto acquire after the Spanish/American War?"
Explanation / Answer
John D Rockfeller became the richest person in the world by revolutionizing the petroleumindustry. Instead of drilling, he focused on the refining of petroleum. By incorporating local refineries, company grew in size. As gasoline and kerosene grew in its importance as fuel, Rockfelelr became the richest person in the world.
Carnegie became a philanthrophist by setting up a steel firm and later on sold the firm to J P Morgan and became the richest person in the world.
They treated their workers in a humble way and provided all the required facilities for providing a comfortable work environment. Thus both of themtreated their workers well.
Homestead strike was a major industrial lockout condition and strike whcih culminated in the form of a battle between strikers and private security agents. It was finally resolved by a major defeat tounions and a setback to their efforts to unionize steelworkers.
Tesla is into manufacturing of automobiles driven on electricity and alternate fuel.It was a major innovation and has revolutionized the automobile market, but the discovery of Edisaon, an electric bulb was a major breakthrough in the field of electricity. It changed and revolutionized the world completely being a new invention.