Economic Growth Inventions, Development, and Tycoons

The rapid economic development following the Civil War laid the groundwork for the modern U.S. industrial economy. An explosion of new discoveries and inventions took place, causing such profound changes that some termed the results a second industrial revolution. Oil was discovered in western Pennsylvania. The typewriter was developed. Refrigeration railroad cars came into use. The telephone, phonograph, and electric light were invented. And by the dawn of the 20th century, cars were replacing carriages and people were flying in airplanes. Parallel to these achievements was the development of the nations industrial infrastructure. Coal was found in abundance in the Appalachian Mountains from Pennsylvania south to Kentucky. Large iron mines opened in the Lake Superior region of the upper Midwest. Mills thrived in places where these two important raw materials could be brought together to produce steel. Large copper and silver mines opened, followed by lead mines and cement factories. 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 European art treasures. In contrast, men such as Rockefeller and Ford exhibited puritanical qualities. They retained small-town values and lifestyles. As church-goers, they felt a sense of responsibility to others. They believed that personal virtues could bring success; theirs was the gospel of work and thrift. Later their heirs would establish the largest philanthropic foundations in America. While upper-class European intellectuals generally looked on commerce with disdain, most Americans -- living in a society with a more fluid class structure -- enthusiastically embraced the idea of moneymaking. They enjoyed the risk and excitement of business enterprise, as well as the higher living standards and potential rewards of power and acclaim that business success brought. --- Next Article: American Economic Growth in the 20th Century This article is adapted from the book Outline of the U.S. Economy by Conte and Carr and has been adapted with permission from the U.S. Department of State.

Financial Statements Are Prepared Primarily For Decision Making Finance Essay - Free Essay Example

Sample details Pages: 3 Words: 802 Downloads: 3 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? Financial statements are prepared primarily for decision-making. The information provided in the financial statements is of immense use in making decision through analysis and interpretation of financial statements. Financial analysis is a process of synthesis and summarization of financial operative date with a view to getting into an insight into the operative activities of business enterprises. It is the process of identifying the financial strength and weakness of firm by properly establishing relationship between the items of balance sheet and profit and loss account. Ratio Analysis: Ratio is an expression of the quantitative relationship that exists between the two numbers. In simple language, ratio is one number expressed in terms of another and can be worked out by dividing one number in to the other. It shoes an arithmetical relationship between two figures. Don’t waste time! Our writers will create an original "Financial Statements Are Prepared Primarily For Decision Making Finance Essay" essay for you Create order The ratio may also be expresses in the form of percentage, which can be obtained by multiplying the quotient by 100.for example Net Profit Ratio=30%, return on capital=12%etc. Significance of Ratios Analysis: The ratio analysis is one of the most powerful tools of the financial analysis. The ratios are easy to calculate. Ratio analysis makes for easy understanding of financial statements. With the use of ratio analysis one can measure the financial condition of a firm and can point out whether the condition is strong, good, questionable or poor. Ratios act as an index of the efficiency of the firm. Two or more accounting groups is called financial ratio. Its helps to summarise a more mass of financial data into concise and make accurate interpretation and conclusion the performance and status of the firm The most important and commonly adopted classification of ratios is on the basis of the purpose or function, which the ratios are expected to perform; such ratios are called Functional Ratios. Below are the ratios we are using for the given assignment Profitability Gross Profit Ratio (%) ÂÂ   2008 2009 2010 Gross profit Ratios( % ) 20 16.67 14.94 By looking at the above figures for 2008, 2009 and 2010. Year 2008 has a good percentage of profit when comparing to 2009 and 2010. Operating Profit Ratio (%) ÂÂ   2008 2009 2010 Operating profit Ratios (%) 80 83 85 This ratio establishes the relationship between the cost of sales and sales revenue. The above ratios indicate the continuous increment in operating expenses. In 2008 operating expenses are 80% and in 2010 it goes up to 85%. As the high operating ratio would leave a small margin to cover or meet financial expenses. Net Profit Ratio (%) ÂÂ   2008 2009 2010 Net Profit Ratios (%) 10 8.7 7.7 As the above figures indicates that year 2008 has a good ratio of 10% and a decrease in 2009 and 2010. Return on capital employed (%) ÂÂ   2008 2009 2010 Return on Capital employed Ratios. 0.50 0.52 0.56 The profitability of the firm can be analysed from the point of view of the total funds employed in the firm. The higher the ratio return on capital employed the more efficient has been the use of capital employed. One can see that the return on capital in the year 2010 is much higher than in the year of 20082009. Liquidity: Current Ratios ÂÂ   2008 2009 2010 Current Ratios. 3.75 2.99 3.27 The current ratio is a measure of the firms short-term solvency. It indicates the availability of current assets in pounds for every one pounds for current liability. The above statement shows in the year 2009 and 2010 has doing much better in this ratio. Quick Ratios ÂÂ   2008 2009 2010 Quick Ratios. 3.31 2.55 2.67 Quick ratio is considered to be the better test of liquidity than Current ratios. In 2008 we holds a very good stock compares to 2009 and in again in 2010 we are holding a very good stock. Asset Utilisation and Efficiency: Total Asset Turnover Ratio ÂÂ   2008 2009 2010 Total Asset Turnover Ratios. 4.05 4.45 4.08 A lower ratio in 2008 indicates the utilization under of assets. 2009 indicates the over trading compare to 2010. Fixed Asset Turnover Ratio ÂÂ   2008 2009 2010 Fixed Asset Turnover Ratios. 13.60 20.51 26.07 As the above figure indicates idle capacity in 2008 while over trading in 2009 and 2010 to investment in Fixed assets. Current Asset turnover Ratio ÂÂ   2008 2009 2010 Current Asset Turnover Ratios. 5.76 5.68 4.84 This ratio indicates the extent to which the investment in current assets contributed towards sales. The figures indicates that 2008 and 2009 excessive invested in current assets while in 2010 it is low ratio capacity. Working capital turnover Ratio ÂÂ   2008 2009 2010 Working Capital Turnover Ratios. 7.86 8.53 6.97 In 2009 we has a very good utilisation of working capital comparing to 2008 and 2010 retained with low utilisation of working capital. Inventory turnover Ratio ÂÂ   2008 2009 2010 Inventory turnover Ratios. 77.49 42.38 29.87 The Stock turnover ratio shows how many times over the business has sold the value of its stocks during the year. By looking at the figures mentioned in the above table, we can conclude that turn over rate has fallen down from 77.49 to 29.87 Fixed assets to Net worth Ratio ÂÂ   2008 2009 2010 Fixed Asset to Net worth Ratios. 0.89 0.79 0.72 This ratio indicates the percentage contributed by owner to the value of fixed assets. a ratio at least 1:1 is considered desirable on other hand, lower ratio suggest an undue burden on debt on the enterprises that tends to increase the internal rates at which an enterprise can borrow. 14 12

Personality Profile Lamont Thomas - 1246 Words

Mike Sutherland 12/5/2014 Personality Profile Lamont Thomas: The Running Man Lamont Thomas had only been running for a couple of weeks when people started calling him â€Å"The Running Man†. He runs every day logging 84 miles a week, which is a lot, but when considering dedicated daily runners this is nothing exceptional. When he runs, Lamont attracts a lot of attention. His friends joke this because â€Å"He’s running so fast it looks like he stole something.† But it isn’t Lamont’s speed that sets him apart from the other runners around town. Rather it’s his truly inspirational spirit, positive attitude for life, and taking on any challenges it might throw at you. A positive mental outlook on life is what keeps Lamont going every day. A trait†¦show more content†¦When he was ten, he had metal rods put in his legs and spent the next year and a half in a body cast. Eventually Lamont could go back to school but relied on a walker and as if being constrained to a walker wasn’t bad enough, he faced adversity in the form of being bullied by his fellow classmates. â€Å"They called me names like ‘legs’ or ‘cripple’. All these names got me so mad that I said something to them and it must have offended them really bad to the point they took my walker and pushed me down the stairs.† It was at this time Lamont decided it was time for the walker to go, but the doctors didn’t agree with him. â€Å"The doctors I went to told me I would never walk again and I would have the brain mentality of a third grader for the rest of my life. They told me all this stuff that isn’t true.† It was in this moment Lamont had made up his mind. He said â€Å"I didn’t care what the doctors had to say anymore. These legs weren’t going to get any better if I kept walking with this walker. You don’t think I can walk, well let’s see. You can get mad and pout and be upset. Sitting in your room curled in a little ball and be that person the doctors said you were going to be or you can be so much greater, to the point where what they have to say doesn’t matter. It doesn’t even collide with what you want or what you’re becoming. Instead of me becoming this mad angry upset person doing nothing about it, show them.† In recounting his childhood Lamont’s motivational pull in lifeShow MoreRelatedManagement Course: Mba−10 General Management215330 Words   |  862 Pagesresources. Authority gives managers the right to direct and control their subordinates’ behavior to achieve organizational goals. In a bureaucratic system of administration, obedience is owed to a manager, not because of any personal qualities— such as personality, wealth, or social status—but because the manager occupies a position that is associated with a certain level of authority and responsibility.19 Principle 2: In a bureaucracy, people should occupy positions because of their performance, not because

The Importance Of Bismarck To German Unification free essay sample

Essay, Research Paper When Otto von Bismarck was recalled from Paris to go Minister-President of Prussia in 1862, German patriotism was already more than 40 old ages old. First apparent in the resistance to Napoleon # 180 ; s business of the German provinces, national feeling grew into a motion after 1815. This feeling was encouraged by a growing of involvement in German literature and music and by increased economic cooperation between the north German provinces. By1848 it was strong plenty to do the creative activity of a united Germany one of the chief demands of the revolutionists. Otto von Bismarck was a Prussian nationalist who inherited the traditions of love of male monarch, ground forces and state from his household. Bismarck believed that Germany should be united under Prussian leading and that Austria should hold nil to make with Germany. Bismarck was chosen as Chancellor of the Exchequer by the Prussian male monarch as he had a proven record as a royalist and had small clip for broad and inor dinate parliamentary thoughts. Bismarck helped his long term program to unify Germany and to be the swayer by acquiring in a strong place with the male monarch. The male monarch owned Bismarck a # 8216 ; favour # 180 ; as Bismarck had solved the male monarch # 180 ; s constitutional crisis. Bismarck played a important portion in the fusion of Germany as he helped to put up the Northern German Confederation after get the better ofing Austria in the second of three wars. The first war was a spot # 8216 ; weird # 180 ; as Bismarck # 180 ; s end was to acquire Austria out of Germany but it was the start of a long program, he teamed up with Austria and together they rapidly defeated the Danish. The dukedoms of Holstein were to be controlled by Austria and the dukedoms of Schleswig were to be controlled by Prussia. This was to be a major determination to allow Austria command Holstein. Bismarck overcame the barrier that was the menace of Austria. Bismarck was really cagey in the manner that he provoked war with A ustria he complained that Austria was non running Holstein decently. The German alliance backed Austria so Bismarck had what he wanted an alibi to assail the little German provinces which he rapidly defeated Prussia with. He held off Italy, which Bismarck planned, defeated Austria. In the pact were the footings that Austria was to take no farther portion in German personal businesss which Bismarck needed in his fusion programs step towards another major measure towards the formation of the northern German alliance in the pact. Germany was non unified, yet, as the southern provinces were still separate. Bismarck # 180 ; s` most timeserving point was when he provoked a war with France he done this by erectile dysfunction iting a telegram from the King to the French. He edited it so that it sounded as if the king insulted the French. This made the French declare war on Prussia just as Bismarck had wanted. The southern states declared their support for the Prussians. The Prussians won the war and made the treaty harsh on the French as it was a hard fought war and he wanted to weaken them. Bismarck then pressured the southern German states into unification by saying that if any Kings or Dukes opposed it then they would be overthrown. The last thing he had to do was persuade the King William, he done this by getting King Ludwig of Bavaria to offer Bismarck the throne and he in turn allowed King William to remain King of Prussia. However Bismarck was not solely responsible for the unification of Germany. Nationalism in Germany with cultural and nationalising was the reason for the creation of the Zollverein, which was in many people?s views a major factor in the unification of Germany. The Zollverein al lowed trade between the 39 German states by lowering the tax, which was set by the country very high. This brought the German states closer and with more unity. Prussia had increased its military power by increasing its army and when the northern German confederation was created. The Prussians had an army fit to face any European force. This lead to a unity between the northern German states. Since Prussia was in control of the northern German confederation then they were in a greater military position to unite Germany. Prussia also had a great economic development. Their money was getting greater and greater by the Zollverien, which made Prussia a very wealthy trading country. It also made all of the other countries tag on to Prussia, as they also wanted to be wealthy The proclamation of the German Empire in 1871 was the climax of a long process, to which several factors contributed. The growth of nationalism brought about the demand for a united country. Prussian economic developm ent, aided by the Zollverien, allowed the build up of its military power and strengthened its influence, at least among the northern states. Together, these developments made possible unification under Prussian leadership, but they did not make it certain. What made Bismarck?s contribution decisive was his ability to exploit this potential for unity and to overcome the barriers, which still lay in the path of unification, especially the opposition of France and Austria. His diplomatic skills in isolating his enemies and his willingness to seize opportunities turned the possibility of unification into reality.