ACADEMY ASSOCIATION OF ECONOMICS CERTIFIED CHARTERED ECONOMISTS CHE CEPA

 Global Academy Economics
<< Previous    1...   28  29  [30]  31  32  ...184    Next >>

As industry grew larger, it developed mass-production methods. Frederick W. Taylor pioneered the field of scientific management in the late 19th century, carefully plotting the functions of various workers and then devising new, more efficient ways for them to do their jobs. (True mass production was the inspiration of Henry Ford, who in 1913 adopted the moving assembly line, with each worker doing one simple task in the production of automobiles. In what turned out to be a farsighted action, Ford offered a very generous wage -- $5 a day -- to his workers, enabling many of them to buy the automobiles they made, helping the industry to expand.) The "Gilded Age" of the second half of the 19th century was the epoch of tycoons. Many Americans came to idealize these businessmen who amassed vast financial empires. Often their success lay in seeing the long-range potential for a new service or product, as John D. Rockefeller did with oil. They were fierce competitors, single-minded in their pursuit of financial success and power. Other giants in addition to Rockefeller and Ford included Jay Gould, who made his money in railroads; J. Pierpont Morgan, banking; and Andrew Carnegie, steel. Some tycoons were honest according to business standards of their day; others, however, used force, bribery, and guile to achieve their wealth and power. For better or worse, business interests acquired significant influence over government. Morgan, perhaps the most flamboyant of the entrepreneurs, operated on a grand scale in both his private and business life. He and his companions gambled, sailed yachts, gave lavish parties, built palatial homes, and bought 26

<< Previous    1...   28  29  [30]  31  32  ...184    Next >>

ESQLOGO

 

Navigation

 
● Home
● About
● Recognition
● Certification
● News
● Mission
● Board
● Continuing Ed
● Awards
● Economics Jobs
● Membership
● Accepted Degrees
● Requirements
● Contact
● Economics Handbook

Famous Economics Quote

Friedrich August von Hayek, 1974 Nobel Prize Winner

"The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design."

 Chartered Economist ChE

ChE Chartered Economist ® 

29993