The business magnates of 1898 to 1929 began a transformation of business and industry that has lasted through the ages.
Speech: - The business magnates of 1898 to 1929 began a transformation of business and industry that has lasted through the ages. They brought growth and wealth to the economy, which had never before been reached by American society. They introduced new methods of business, and came up with invention after invention. This remodelling of industry began to speed up the flow of the U.S economy, and the country began to gain not only national but international power. This rich got richer and sort new ways to gain profit, the poor got poorer and sort new ways to improve their lifestyles. Consumerism was the drive of this economic boost, and significant figures such as Henry Ford and John D Rockafella, caught onto this drive and used it to build prestige and wealth for themselves and also others. Henry Ford launched Ford Motor Company in 1903, which now has reached 100 yrs of automotive achievement and has business set up all around the world. J.D Rockafella founded The Standard Oil Company in 1870 and dominated the oil industry for years to come. He used some of his wealth to fund new foundations and research, in order to better the lives of Americans. These are just two examples of significant business magnates of late 19th and early 20th century America. Henry Ford, born in 1863 and died in 1947, was brought up in the farming lifestyle, and grew to dislike it. When he turned 15 he went to Detroit and trained as a machinist. In 1890 Ford began to experiment with things such as the
horseless carriage, and in about 1896, he completed his first car, the quadricycle. Through the following yrs he tried unsuccessfully to get it into production, until 1903 when he launched the Ford Motor Company. The company was backed up with $100 000 dollars of capital, of which $28 000 was in cash. Ford had formulated his own ideal of production stating "The way to make automobiles is to make one automobile like another automobile, to make them all alike." Although, as simple as it sounds, this statement brought spectacular success to the Model T Ford, produced in 1903. Henry Ford ...
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horseless carriage, and in about 1896, he completed his first car, the quadricycle. Through the following yrs he tried unsuccessfully to get it into production, until 1903 when he launched the Ford Motor Company. The company was backed up with $100 000 dollars of capital, of which $28 000 was in cash. Ford had formulated his own ideal of production stating "The way to make automobiles is to make one automobile like another automobile, to make them all alike." Although, as simple as it sounds, this statement brought spectacular success to the Model T Ford, produced in 1903. Henry Ford was a major figure in the automobile industry for the next 15 yrs. Ford's vision for automobiles was achieved through his innovative thinking and intuitive mechanical ability. He always stated his goals as wanting to build a car for the masses, with the lowest price. This was achieved through Ford's introduction of the moving assembly line. He based this concept on the works of Frederick Taylor's Principles of Scientific Management. Also named Progressive Production, The theory of the moving assembly lines is that, if everything is broken down into single steps, the end result will be achieved faster. Due to the growing pace of consumerism, Ford realised the great need for production speed and began to implement this change in production. He invested millions into the Moving Assembly line believing that it would take him to the top of the industry, and it did. By 1913 a Model T was being produced every 12 and a half hours, within a year, this had been reduced to 96min. Although production had increased greatly, the work ethic of Ford's employees began to drop dramatically. Skilled workers were being forced into tedious and repetitive work loads, or replaced by lower skilled, lower paid workers. Skill had become somewhat irrelevant, and speed was the necessary factor. As Henry Ford transformed the nature of work, people began to feel exploited and used. Absenteeism was given a new name.... Forditis. Ford realised that in order to keep his employees he must increase wages, and in 1914 he startled the world in instituting the then very high wage of $5 a day. He reduced the working day from 9hrs to 8hrs, and workers had no choice but to stay on. Ford's new theories of management caught onto American industry, and before long industries all across the country were instituting the Moving Assembly line. Mass Production brought enormous wealth to industries and workers alike, as assembly line workers were paid up to 5 times the amount of everyday American workers. Nothing contributed more to the economic boom of the 1920's than Ford and the automotive industry. His constant drive to improve production techniques and quality had an enormous impact on his competitors and transformed American industry itself. Henry Ford became the first billionaire in 1919, and Ford motor Co. began to manufacture its own glass, steel and coal. Ford owned the largest assembly line in the world with 75 000 workers, 53 000 machines and over 30 miles of conveyer belts. He improved the life of Americans through boosting American economics and consumerism. He transformed the business world with his introduction of the Moving Assembly Line, and improved pay through his introduction of the $5 working day. Henry Ford did more than any other individual to transform America into a modern, urban society, and bring economic power and international status to the nation. John Davison Rockafella was the guiding force behind the creation and development of the Standard Oil Company. The Standard Oil Company grew to dominate the oil industry, and became one of the first big trusts in the United States. Through its time, the company came across much controversy and opposition regarding its business practices and form of organization. Rockafella also was one of the first major philanthropists in the U.S, establishing several important foundations and donating a total of $540 million to charitable purposes. Rockafella left high school in 1855 to take a business course. He completed the 6-month course in 3 months, and soon after gained a job as a bookkeeper and cashier. With his own savings, Rockafella soon bought into a commission business, and then, realising the benefits of the oil industry, he partnered with 2 others to form an oil refinery. In 1865 he bought out the company and by 1870 had formed the Standard Oil Company, already with a capital of $1 million. Standard oil flourished and thrived. In the 1890's owned 3- 4ths of the petroleum business in the U.S. In addition to being the head of Standard, Rockafella owned iron mines and timberland and invested in numerous companies in manufacturing, transportation, and other industries. In 1911, the U.S Supreme Court found the Standard oil trust to be in violation of the anti-trust laws and ordered the dissolution of the corporation and the separation of its 38 companies. Since he was young, Rockafella had been giving away a share of his income. He once wrote, "I believe it is every man's religious duty to get all he can honestly and to give all he can." Up until his death in 1937, he continued to give back to the nation, through forming boards, foundations, charities and research centres, all focused on bettering the lives of Americans and helping the less fortunate. In turn this strengthens U.S economy, by bettering living conditions. Rockafella's domination of the oil industry brought amazing growth to the industry and boosted the profits of the petroleum business. These well-respected businessmen brought great change to the American industries, and have forever transformed the American business world with new theories and inventions. In doing so they gained great wealth, and in gaining great wealth they strengthened the U.S economy. 1898 to 1929 was a great time of change and improvement, brought about by significant figures such as Ford and Rockafella. The nation of America will forever be in their debt.