DOCSLIB.ORG

The 100 Most Significant Events in American Business : an Encyclopedia / Quentin R

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

THE 100 MOST SIGNIFICANT EVENTS IN AMERICAN BUSINESS An Encyclopedia Quentin R. Skrabec, Jr. (c) 2012 ABC-Clio. All Rights Reserved. The 100 Most Significant Events in American Business (c) 2012 ABC-Clio. All Rights Reserved. THE 100 MOST SIGNIFICANT EVENTS IN AMERICAN BUSINESS An Encyclopedia Quentin R. Skrabec, Jr. (c) 2012 ABC-Clio. All Rights Reserved. Copyright 2012 by ABC-CLIO, LLC All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, except for the inclusion of brief quotations in a review, without prior permission in writing from the publisher. Library of Congress Cataloging-in-Publication Data Skrabec, Quentin R. The 100 most significant events in American business : an encyclopedia / Quentin R. Skrabec, Jr. p. cm. Includes bibliographical references and index. ISBN 978-0-313-39862-9 (hbk. : alk. paper) — ISBN 978-0-313-39863-6 (ebook) 1. United States—Commerce—History—Encyclopedias. 2. Industries— United States—History—Encyclopedias. 3. Business—History—Encyclopedias. I. Title. II. Title: One hundred most significant events in American business. HF3021.S57 2012 338.097303—dc23 2011050442 ISBN: 978-0-313-39862-9 EISBN: 978-0-313-39863-6 16 15 14 13 12 1 2 3 4 5 This book is also available on the World Wide Web as an eBook. Visit www.abc-clio.com for details. Greenwood An Imprint of ABC-CLIO, LLC ABC-CLIO, LLC 130 Cremona Drive, P.O. Box 1911 Santa Barbara, California 93116-1911 This book is printed on acid-free paper Manufactured in the United States of America (c) 2012 ABC-Clio. All Rights Reserved. To the Star of the Seas, who guided Columbus to the American shores (c) 2012 ABC-Clio. All Rights Reserved. Contents Preface xiii Acknowledgments xv Introduction xvii Privatization of the Plymouth Colony (1623) 1 Navigation Acts (1651) 2 Wealth of Nations (1776) 5 Patent and Copyright Statutes (1790) 8 “Report on Manufacturing” (1791) 10 Whiskey Rebellion (1794) 12 Jefferson Embargo (1807) 16 First Steamboat to New Orleans (1811) 18 National Road (1811) 21 Erie Canal (1825) 23 Tariff of Abominations (1828) 26 Baltimore & Ohio Railroad (1828) 28 Whig Party Evolves (1834) 30 Panic of 1837 34 Automated Sewing Machine (1846) 36 Revolution, Famine, and Immigration (1848) 39 vii (c) 2012 ABC-Clio. All Rights Reserved. viii | Contents Clipper Ships (1849) 42 Western Union Telegraph Company (1851) 45 Great Exhibition of 1851 48 Transatlantic Cable (1857) 50 Panic of 1857 53 Overland Travel and Mail Service (1859) 56 Abraham Lincoln Establishes Protectionism (1860) 59 World’s Largest Cannon/Civil War Technology (1864) 61 Transcontinental Railroad Completed (1869) 64 Westinghouse Air Brake (1869) 67 Panic of 1873 69 Andrew Carnegie’s First Steel Mill (1875) 72 Centennial Exposition (1876) 74 First Commercial Telephone (1877) 77 Great Railroad Strike of 1877 80 World’s First Skyscraper (1884) 82 War of the Currents (1885) 85 Sears Mail Order Business (1886) 88 Haymarket Riot (1886) 90 ALCOA Aluminum Formed (1888) 93 McKinley Tariff of 1890 96 Homestead Strike of 1892 99 Panic of 1893 104 Chicago World’s Fair (1893) 107 Pullman Strike (1894) 110 Niagara Falls Power Plant (1896) 112 Paternal Capitalism—Homestead and Wilmerding, Pennsylvania (1896) 115 (c) 2012 ABC-Clio. All Rights Reserved. Contents | ix First Electric Sign (Product Branding and Advertising)—H. J. Heinz (1900) 119 First Billion-Dollar Corporation—United States Steel (1901) 122 Henry Ford Wins Race of the Century (1901) 125 Owens Automated Glass Bottle–Making Machine (1904) 128 Upton Sinclair’s Jungle (1905) 131 Panic of 1907 133 Highland Park Ford Assembly Line (1910) 136 Scientific Management (1911) 139 Standard Oil Antitrust Lawsuit (1911) 141 Income Tax (1913) 145 Federal Reserve Act (1913) 147 Commercial Flight (1914) 150 Panama Canal Opens (1914) 153 General Motors Corporation Formed (1916) 155 Great Steel Strike of 1919 158 First Commercial Radio (1921) 162 Hawthorne Studies Begin (1924) 164 Talking Movies— The Jazz Singer (1927) 166 Stock Market Crash/Great Depression (1929) 169 Hoover Dam (1931) 173 National Labor Relations Act (Wagner Act) (1935) 175 Social Security Act (1935) 177 Television at the 1939 World’s Fair 180 Maslow’s Theory of Needs (1946) 182 General Agreement on Tariffs and Trade (GATT) (1947) 184 First Credit Card (1950) 186 UNIVAC I (1951) 189 (c) 2012 ABC-Clio. All Rights Reserved. x | Contents Shippingport Atomic Power Station (1956) 191 Federal Aid Highway Act of 1956 193 First Mass-Produced Transistor Radio (1957) 195 First Japanese Auto Sold in the United States (1958) 197 Steel Strike of 1959 200 America Targets the Moon (1961) 203 McDonald’s Launches Golden Arches (1962) 205 Telstar Communications Satellites (1962) 208 First Wal-Mart (and Kmart) Open (1962) 210 IBM 360 Computer (1964) 213 Unsafe at Any Speed (1965) 215 ARPAnet (Earliest Internet) Formed (1969) 218 Wage and Price Controls (1971) 220 Arab Oil Embargo (1973) 222 First Customer Scan of a Bar Code (1974) 225 The Year of the PC (1977) 227 Three Mile Island Nuclear Failure (1979) 229 IBM Personal Computer (1982) 232 FCC Approves Advanced Mobile Phone System (1G) (1982) 234 Deindustrialization of America—General Tire Akron Closes (1982) 236 CD-ROM (1985) 239 Savings and Loan Crisis (1986) 241 W. Edwards Deming Publishes Out of the Crisis (1986) 243 Amazon.com (1994) 246 Bill Gates Internet Memo (1995) 248 Google Incorporated (1998) 250 First 3G Networks and the Smartphone (2003) 253 (c) 2012 ABC-Clio. All Rights Reserved. Contents | xi RFID at Wal-Mart (2005) 255 Banking Crisis and Great Recession (2008) 257 General Motors Bankruptcy (2009) 260 Appendix: Primary Documents 263 Bibliography 301 I n d e x 3 1 3 (c) 2012 ABC-Clio. All Rights Reserved. Preface This work embodies over 20 years of research in building a literary pantheon of American capitalists and business leaders. This project gave me a new look at busi- ness in America. I was often struck by the role that government played in the devel- opment of American capitalism. Events such as the National Road, the Erie Canal, overland mail, Republican protective tariffs, railroad expansion, the Panama Canal, Hoover Dam, and the space program clearly showed that infrastructure played a major role. These government projects were proactive, often combining govern- ment and private resources to accomplish major goals in the advance of American business. Another theme that emerged was the reoccurring business models built around speed of product delivery by canal, clipper ships, Pony Express, railroads, or trucks, as well as the speed of communications using the mail, clipper ships, telegraph, telephone, radio, satellite communications, and 3G networks. Doing something faster was a major theme of America’s most successful companies. Another conclusion is that the moment an invention occurred often preceded its commercialization by years. Commercialization often required a new business model and a vision beyond that of the inventor. The most successful inventors, such as Thomas Edison, George Westinghouse, and Steve Jobs, were able to com- bine their inventions with commercial use. Lastly, this research clearly showed the interconnections of business events. Business events tended to be evolutionary versus revolutionary. Commercial events were often the confluence of different streams of progress toward a market-driven need. Often it was the businessperson who put together many scientific advances to achieve commercialization. xiii (c) 2012 ABC-Clio. All Rights Reserved. Acknowledgments I would like to thank my editor, Brian Romer. This work is his vision. I was blessed with four of the country’s best archival staffs at the Library of Congress, the Smithsonian, Senator John Heinz History Center, and the Benson Research Center at The Henry Ford. At the Heinz Center, I had the expertise of Lisa Lazar, Lauren Paige Zabelsky, and Art Louderback as well as the entire staff. In addition, I would like to thank Terri Blanchette, Sandra Baker, and Rob Ridgeway of the Heinz His- tory Center in Pittsburgh. At The Henry Ford Benson Research Center, I had the same outstanding assistance from Carol Whittaker and Kira Macyda and the whole staff at the center. I would like to thank the staff at the Carnegie Library of Pitts- burgh as well. Reference librarians are often the forgotten people behind a success- ful book; thanks also to Rebecca Quintus. I would like to especially thank Alesha Shumar, archivist at the University of Pittsburgh; Wendy Pfleg of the University of Pittsburgh; and Barry Ched and Gil Pietrzak of the Carnegie Library of Oakland. Thanks also to Julie Ludwig, associate archivist of the Frick Collection (New York), and Greg Langel of the Frick Center in Pittsburgh. I would like to give special thanks to Julie McMasters of the Toledo Museum of Art and Kimberly Brownie, Ann Bowers, and Barbara Floyd of the Ward M. Canaday Center at the University of Toledo. I would particularly like to credit the help and vast knowledge of Janet Metzger at the William McKinley Presi- dential Library and Museum. The staffs at both the Canton and Niles Presidential memorials are outstanding sources of information on 19th-century industrial America. The Clement Library of American History at the University of Michigan was another important reference library. Another important facet of the search was done at the Hayes Presidential Center archives. At the center, I would like to thank Nan Card, chief archivist, and Merv Nall. xv (c) 2012 ABC-Clio. All Rights Reserved. Introduction This encyclopedia explores the history and impact of the 100 most significant events in American business, intended for students, researchers, business profes- sionals, historians, writers, and general readers. The time period covered will be from 1700 to 2010.
Recommended publications
  • National Register of Historic Places Registration Form

    National Register of Historic Places Registration Form

    NPS Form 10-900 OMB No. 1024-0046 (Oct. 1990) United States Department of the Interior National Park Service National Register of Historic Places Registration Form This form is for use in nominating or requesting determinations for individual properties and districts. See instructions in How to Complete the National Register of Historic Places Registration Form (National Register Bulletin 16A). Complete each item by marking "x" in the appropriate box or by entering the information requested. If an item does not apply to the property being documented, enter "N/A" for "not applicable." For functions, architectural classification, materials, and areas of significance, enter only categories and subcategories from the instructions. Place additional entries and narrative items on continuation sheets (NPS Form 10-900a). Use a typewriter, word processor, or computer, to complete all items. 1. Name of Property ____ __ historic name Sears, Roebuck and Company Mail-Order Warehouse and Retail Store other names/site number Midtown Exchange 2. Location street & number 2929 Chicago Avenue South N/A D not for publication city or town Minneapolis N/A D vicinity state Minnesota code MN county Hennepin code 053 zip code 55407 3. State/Federal Agency Certification As the designated authority under the National Historic Preservation Act, as amended, I hereby certify that this ^nomination D request for determination of eligibility meets the documentation standards for registering properties in the National Register of Historic Places and meets the procedural and professional requirements set forth in 36 CFR Part 60. In my opinion, the property E3 meets D does not meet the National Register Criteria.
  • What Went Wrong with Kmart?

    What Went Wrong with Kmart?

    What Went Wrong With Kmart? An Honors Thesis (HONRS 499) by Jacqueline Matyk Thesis Advisor Dr. Mark Myring Ball State University Muncie, Indiana December 2003 Graduation: December 21, 2003 Table of Contents Abstract. ........... ..................................................... 3 Introduction ................................................................................ 4 History ofKnlart .......................................................................... 4 Overview ofKnlart ................................... .................................. 6 Kmart's Problems That Led to Bankruptcy ....... ............... 6 Major Troubles in 2001 .................................................................. 7 2002 and Bankruptcy ..................................................................... 9 Anonymous Letters Lead to Stewardship Review .................................... 9 Emergence from Bankruptcy........................................................... 12 Charles Conaway's Role ................................................................ 14 The Case Against Enio Montini and Joseph Hofmeister ........................... 17 Conclusion.. ............................................................................. 19 Works Cited ............................................................................. 20 2 Abstract This paper provides an in depth look at Krnart Corporation. I will discuss how the company began its operations as a small five and dime store in Michigan and grew into one of the nation's largest retailers.
  • Economics During the Lincoln Administration

    Economics During the Lincoln Administration

    4-15 Economics 1 of 4 A Living Resource Guide to Lincoln's Life and Legacy ECONOMICS DURING THE LINCOLN ADMINISTRATION War Debt . Increased by about $2 million per day by 1862 . Secretary of the Treasury Chase originally sought to finance the war exclusively by borrowing money. The high costs forced him to include taxes in that plan as well. Loans covered about 65% of the war debt. With the help of Jay Cooke, a Philadelphia banker, Chase developed a war bond system that raised $3 billion and saw a quarter of middle class Northerners buying war bonds, setting the precedent that would be followed especially in World War II to finance the war. Morrill Tariff Act (1861) . Proposed by Senator Justin S. Morrill of Vermont to block imported goods . Supported by manufacturers, labor, and some commercial farmers . Brought in about $75 million per year (without the Confederate states, this was little more than had been brought in the 1850s) Revenue Act of 1861 . Restored certain excise tax . Levied a 3% tax on personal incomes higher than $800 per year . Income tax first collected in 1862 . First income tax in U. S. history The Legal Tender Act (1862) . Issued $150 million in treasury notes that came to be called greenbacks . Required that these greenbacks be accepted as legal tender for all debts, public and private (except for interest payments on federal bonds and customs duties) . Investors could buy bonds with greenbacks but acquire gold as interest United States Note (Greenback). EarthLink.net. 18 July 2008 <http://home.earthlink.net/~icepick119/page11.html> Revenue Act of 1862 Office of Curriculum & Instruction/Indiana Department of Education 09/08 This document may be duplicated and distributed as needed.
  • Tournament 17 Round 10 Tossups 1

    Tournament 17 Round 10 Tossups 1

    Tournament 17 Round 10 Tossups 1. This composer wrote the "Veil Song" for the Princess Eboli in his Don Carlos. Before he composed one of his few comic operas, which was based on The Merry Wives of Windsor, his name became an acronym for the Italian unification movement. This composer of Falstaff had the Duke of Mantua sing about fickle women in (*) "La donna e mobile" (MOW-bee-lay) in his opera Rigoletto. For 10 points, name this composer of Otello, La Traviata, and an opera about an Ethopian princess who is buried alive, Aida (eye-EE-duh). ANSWER: Giuseppe Fortunino Francesco Verdi 019-11-29-10102 2. This man wrote play in which Heracles brings Admetus’s wife back from the dead. In another play by him, Talthybius (tahl-THIH-bee-us) foretells the death of Astyanax (uh-STY-uh-naks), the granddaughter of Hecuba. This author of Alcestis and The Trojan Women wrote a play that ends with the title character escaping in the sun god’s chariot after using a (*) poisoned cloak to kill her husband’s lover Glauce (GLOU-see). For 10 points, name this Greek playwright who wrote about Jason’s wife in Medea. ANSWER: Euripides 079-11-29-10103 3. A popular practice by supporters of this theory was parodied with the creation of "Project Steve." The modern form of this theory was postulated by John Whitcomb and Henry Morris, while Duane Gish heads the Institute for Research devoted to confirming it. A law mandating the teaching of this theory was struck down in Edwards v.
  • RESTORING the LOST ANTI-INJUNCTION ACT Kristin E

    RESTORING the LOST ANTI-INJUNCTION ACT Kristin E

    COPYRIGHT © 2017 VIRGINIA LAW REVIEW ASSOCIATION RESTORING THE LOST ANTI-INJUNCTION ACT Kristin E. Hickman* & Gerald Kerska† Should Treasury regulations and IRS guidance documents be eligible for pre-enforcement judicial review? The D.C. Circuit’s 2015 decision in Florida Bankers Ass’n v. U.S. Department of the Treasury puts its interpretation of the Anti-Injunction Act at odds with both general administrative law norms in favor of pre-enforcement review of final agency action and also the Supreme Court’s interpretation of the nearly identical Tax Injunction Act. A 2017 federal district court decision in Chamber of Commerce v. IRS, appealable to the Fifth Circuit, interprets the Anti-Injunction Act differently and could lead to a circuit split regarding pre-enforcement judicial review of Treasury regulations and IRS guidance documents. Other cases interpreting the Anti-Injunction Act more generally are fragmented and inconsistent. In an effort to gain greater understanding of the Anti-Injunction Act and its role in tax administration, this Article looks back to the Anti- Injunction Act’s origin in 1867 as part of Civil War–era revenue legislation and the evolution of both tax administrative practices and Anti-Injunction Act jurisprudence since that time. INTRODUCTION .................................................................................... 1684 I. A JURISPRUDENTIAL MESS, AND WHY IT MATTERS ...................... 1688 A. Exploring the Doctrinal Tensions.......................................... 1690 1. Confused Anti-Injunction Act Jurisprudence .................. 1691 2. The Administrative Procedure Act’s Presumption of Reviewability ................................................................... 1704 3. The Tax Injunction Act .................................................... 1707 B. Why the Conflict Matters ....................................................... 1712 * Distinguished McKnight University Professor and Harlan Albert Rogers Professor in Law, University of Minnesota Law School.
  • Downloads/Dec2018/Harpercollins, Oops

    Downloads/Dec2018/Harpercollins, Oops

    oops 20 Life Lessons from the Fiascoes That Shaped America MARTIN J. SMITH and PATRICK J. KIGER To William Leford Smith,M.J.S whose. dimming eyes still see the humor in almost everything To Beastboy P.and J.K his. momster Good judgment is usually the result of experience. And experience is frequently the result of bad judgment. —An attorney in a lawsuit involving Boston’s John Hancock Tower, after the skyscraper’s windows fell out Some said I couldn’t sing, but no one could say I didn’t sing. —Florence Foster Jenkins, widely recognized as the worst opera diva ever contents Introduction The Joy of Oops ix Lesson #1 READ THE FINE PRINT The Eroto- Utopians of Upstate New York John Humphrey Noyes’s sexually adventurous Perfectionist commune was one of the most successful utopian religious groups in 19th-century Amer- ica. Alas, the devil was in the details. { 1 } Lesson #2 ACCENTUATE THE POSITIVE How Thomas Edison Invented Trash Talk Why would one of America’s iconic inventors publicly electrocute a full- grown carnival elephant? The answer reveals a little- known story of ego, failure, and the moment when America began “going negative.” { 13 } Lesson #3 BEWARE SOLUTIONS THAT CREATE NEW PROBLEMS The Global Underarm Deodorant Disaster Thomas Midgley Jr. was among America’s greatest problem solvers. Unfor- tunately, his landmark “Eureka!” moments had an echo that sounded a lot like “Oops!” { 27 } CONTENTS v Lesson #4 BAD RESULTS TRUMP GOOD INTENTIONS Kudzu: A Most Tangled Tale What began as a well- intentioned effort to stop soil erosion in the American South became a dramatic example of what can happen when you mess with Mother Nature.
  • Measuring Tax Burden: a Historical Perspective

    Measuring Tax Burden: a Historical Perspective

    This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: Fifty Years of Economic Measurement: The Jubilee of the Conference on Research in Income and Wealth Volume Author/Editor: Ernst R. Berndt and Jack E. Triplett, editors Volume Publisher: University of Chicago Press Volume ISBN: 0-226-04384-3 Volume URL: http://www.nber.org/books/bern91-1 Conference Date: May 12-14, 1988 Publication Date: January 1991 Chapter Title: Measuring Tax Burden: A Historical Perspective Chapter Author: B. K. Atrostic, James R. Nunns Chapter URL: http://www.nber.org/chapters/c5981 Chapter pages in book: (p. 343 - 420) 11 Measuring Tax Burden: A Historical Perspective B. K. Atrostic and James R. Nunns 11.1 Introduction 11.1.1 Overview Measures of tax burden are indicators of how well tax policy meets one of its primary goals, equitably raising the revenues needed to run government. Equity has two aspects. The first, vertical equity, concerns the way taxes are distributed among taxpayers with different abilities to pay. The second, hori- zontal equity, concerns the way taxes are distributed among taxpayers with the same ability to pay. Tax burden measures thus answer broad economic and social questions about the effect of tax policy on the distribution of income and wealth. The history of these measures incorporates the histories of economic and world affairs, major tax and economic policy legislation, intellectual and so- cial movements, and data and technological innovation in the fifty years since the first meeting of the Conference on Research in Income and Wealth.
  • War of the Currents

    War of the Currents

    An Electric Battle A WebQuest for War of the Currents Introduction At the turn of the twentieth century, the War of the Currents had a clear winner—Tesla and his alternating current. However, direct current survived into the twenty-first century. As recently as 2007, some parts of Manhattan were finally converted to alternating current. The transition from direct current to alternating current begin in the late 1920s but took decades, in part, because the foundation of New York City’s energy grid was build by Edison’s company. Task Your task is to research the everyday devices credited to Edison and Tesla. You will compare these inventor’s influences by creating a script for a 5-min mock “debate” between Edison and Tesla in which they debate their influences on today’s and future technology. Process Use the resources listed in the Resources section to begin your research. The Web sites listed are good starting points, but further Internet research will be necessary. Record your answers to the following questions. 1. What was the relationship between Tesla and Edison prior to the War of the Currents? 2. Both Tesla and Edison were prolific inventors. If the two were competing to obtain the most number of patents filed, who wins and by what margin? 3. Did any of Tesla’s or Edison’s inventions build upon one another or work together to bring about new technology? 4. Could direct current make a comeback? Explain your answer. Write a Script Write a script for a 5-min mock debate between Edison and Tesla, in which each tries to convince the audience that he was the more influential inventor.
  • Enthusiasm Character… It Starts with Me! MONTHLY EDUCATOR BUL LETIN

    Enthusiasm Character… It Starts with Me! MONTHLY EDUCATOR BUL LETIN

    Flexibility Enthusiasm Character… It starts with me! MONTHLY EDUCATOR BUL LETIN I WILL: Vs. Apathy AUGUST 2011 be an energy- giver Expressing joy in each task as I give it my BEST effort smile treat every job Several years ago, Oak messages, to make each tasks? So why not turn Hills High School had a it around this month and as important person feel welcome. Respect Day that was The response from the be the person in the totally planned and receiving students was room who brings the put my whole orchestrated by the amazing. They felt like enthusiasm! heart into what I Senior Class. They celebrities. What was do started the day by even more amazing is enthusiastically greeting how the students in the not be the rest of the student senior class felt being discouraged by body, staff and faculty as that enthusiastic. It was failure they entered the building. a win-win for everyone! They cheered, clapped, Wouldn’t it be great to shook hands, and have your own set of handed out business personal cheerleaders to card size notes with cheer you on in even greetings and positive FEATURES your most mundane Go to the Root QuotesQuotes 22 Entusiasmo Curriculum 22 vs. Apatía Go to the Root Connection Mostrar gozo en cada The word Enthusiasm comes from 3 Model 3 tarea haciendo el mejor combining the Greek preposition en 3 meaning “in, at or on” with theos, de mis esfuerzos which means god. Can you see how Team- 3 being filled with a divine spirit could Building 4 make one enthusiastic? Crosky’s 45 Corner CharacterRobin’s 57 Reading List in the Classroom Crosky’s 6 Continuously Corner IN THIS ISSUE Character 7 Whistle While you Work 4 in the Classroom Two Frogs in Cream 4 Continuously P A G E 2 “ People will accept your idea much more readily if you tell Character Quotables them Benjamin Franklin said “There is a real magic in “When you discover your mission, enthusiasm.
  • Chapman Law Review

    Chapman Law Review

    Chapman Law Review Volume 21 Board of Editors 2017–2018 Executive Board Editor-in-Chief LAUREN K. FITZPATRICK Managing Editor RYAN W. COOPER Senior Articles Editors Production Editor SUNEETA H. ISRANI MARISSA N. HAMILTON TAYLOR A. KENDZIERSKI CLARE M. WERNET Senior Notes & Comments Editor TAYLOR B. BROWN Senior Symposium Editor CINDY PARK Senior Submissions & Online Editor ALBERTO WILCHES –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Articles Editors ASHLEY C. ANDERSON KRISTEN N. KOVACICH ARLENE GALARZA STEVEN L. RIMMER NATALIE M. GAONA AMANDA M. SHAUGHNESSY-FORD ANAM A. JAVED DAMION M. YOUNG __________________________________________________________________ Staff Editors RAYMOND AUBELE AMY N. HUDACK JAMIE L. RICE CARLOS BACIO MEGAN A. LEE JAMIE L. TRAXLER HOPE C. BLAIN DANTE P. LOGIE BRANDON R. SALVATIERRA GEORGE E. BRIETIGAM DRAKE A. MIRSCH HANNAH B. STETSON KATHERINE A. BURGESS MARLENA MLYNARSKA SYDNEY L. WEST KYLEY S. CHELWICK NICHOLE N. MOVASSAGHI Faculty Advisor CELESTINE MCCONVILLE, Professor of Law CHAPMAN UNIVERSITY HAZEM H. CHEHABI ADMINISTRATION JEROME W. CWIERTNIA DALE E. FOWLER ’58 DANIELE C. STRUPPA BARRY GOLDFARB President STAN HARRELSON GAVIN S. HERBERT,JR. GLENN M. PFEIFFER WILLIAM K. HOOD Provost and Executive Vice ANDY HOROWITZ President for Academic Affairs MARK CHAPIN JOHNSON ’05 JENNIFER L. KELLER HAROLD W. HEWITT,JR. THOMAS E. MALLOY Executive Vice President and Chief SEBASTIAN PAUL MUSCO Operating Officer RICHARD MUTH (MBA ’05) JAMES J. PETERSON SHERYL A. BOURGEOIS HARRY S. RINKER Executive Vice President for JAMES B. ROSZAK University Advancement THE HONORABLE LORETTA SANCHEZ ’82 HELEN NORRIS MOHINDAR S. SANDHU Vice President and Chief RONALD M. SIMON Information Officer RONALD E. SODERLING KAREN R. WILKINSON ’69 THOMAS C. PIECHOTA DAVID W.
  • SOPHIA Learning HIST1010: U.S. History: Learn from the Past

    SOPHIA Learning HIST1010: U.S. History: Learn from the Past

    SOPHIA Learning HIST1010: U.S. History: Learn from the Past, Prepare for the Future (3 semester credits) COURSE DESCRIPTION: This course is designed for students to discover how key events in U.S. History from the Great Depression to the Me Too movement are both a product of our past and a precursor to our future. Along the way, students will deepen their knowledge of four essential employability skills -- problem solving, technology, agility, and communication -- which will help them analyze the past, forecast the future, adapt to changes, and share their understanding with others. Students will analyze historical resources to determine credibility and validity and use a critical thinking process to determine the causes and long term impacts of a historical event. Additionally, students will present lessons learned from U.S. historical events and their potential influence on a current problem or situation. Course Effective Dates: June 2021- present Prerequisite(s): Entry level Gen Ed course – no prerequisites Length of course: This is a self-paced course. Students have 60 days with an additional 30-day extension (if needed) to complete the course. ACE CREDIT® Recommendation: In the lower-division baccalaureate/associate degree category, 3 semester hours in applied history. LEARNING OUTCOMES Upon completion of the course, the student will be able to: 1. Determine how studying history can help us prepare for the future. 2. Identify economic downturns that have affected different parts of society. 3. Recognize the skills like technology, agility, and problem solving that help people adjust to a changing workplace. 4. Determine the ways women have used communication and agility to achieve equality.
  • Taxes, Investment, and Capital Structure: a Study of U.S

    Taxes, Investment, and Capital Structure: a Study of U.S

    Taxes, Investment, and Capital Structure: A Study of U.S. Firms in the Early 1900s Leonce Bargeron, David Denis, and Kenneth Lehn◊ August 2014 Abstract We analyze capital structure decisions of U.S. firms during 1905-1924, a period characterized by two relevant shocks: (i) the introduction of corporate and individual taxes, and (ii) the onset of World War I, which resulted in large, transitory increases in investment outlays by U.S. firms. Although we find little evidence that shocks to corporate and individual taxes have a meaningful influence on observed leverage ratios, we find strong evidence that changes in leverage are positively related to investment outlays and negatively related to operating cash flows. Moreover, the transitory investments made by firms during World War I are associated with transitory increases in debt, especially by firms with relatively low earnings. Our findings do not support models that emphasize taxes as a first-order determinant of leverage choices, but do provide support for models that link the dynamics of leverage with dynamics of investment opportunities. ◊ Leonce Bargeron is at the Gatton College of Business & Economics, University of Kentucky. David Denis, and Kenneth Lehn are at the Katz Graduate School of Business, University of Pittsburgh. We thank Steven Bank, Alex Butler, Harry DeAngelo, Philipp Immenkotter, Ambrus Kecskes, Michael Roberts, Jason Sturgess, Mark Walker, Toni Whited and seminar participants at the 2014 SFS Finance Cavalcade, the University of Alabama, University of Alberta, University of Arizona, Duquesne University, University of Kentucky, University of Pittsburgh, University of Tennessee, and York University for helpful comments. We also thank Peter Baschnegal, Arup Ganguly, and Tian Qiu for excellent research assistance.