History of business - Assignment Example

Q1. Some of the tasks Gallatin proposed were: An arrangement of channels parallel to the Atlantic coast from New York City to South Carolina A significant road from Maine to Georgia An arrangement of inland waterways heading to Ohio A waterway crossing New York State Q2. The two exceptions were improvements to make streams including the Potomac, Susquehanna, James, and Santee, tolerable to significant stream route. Q3. The Second Bank of the United States was contracted for a significant number of the same reasons as its antecedent, the First Bank of the United States.

The War of 1812 had left a considerable obligation. Swelling surged ever upward because of the steadily expanding measure of notes issued by private banks. Specie was desirously stored. Consequently President Madison marked a bill sanctioning the second Bank in 1816 with a sanction enduring 20 years.Q4. Protective taxes contrast from income duties in their item, which is less that of acquiring income as that of ensuring home makers from the opposition of foreign made products. Q5. Provision of loan at lower interest rates to small businesses and government efforts o reduce inflation Q6. i. Lack of sufficient training ii.

Lack of enough investment capital Iii. Lack of skilled personnel in the areaQ7. There was establishment of mills which increased America’s production capacity Q8. Endowments are one of the factors that have contributed to the America’s flourishing business institutions. Q9. Taylor stressed that some workers were more talented than others were and even the best of the workers in most cases remained unmotivated; he also noted that most of the workers who were coerced to perform repetitive tasks usually worked at a slow rate; he called this behavior ‘soldering’.

Taylor argued that all tasks that an employee was assigned could be organized in such a way that the productivity of the worker would increase and that his scientific theory of management was more effective than the usual ‘initiative and incentive’ method, which was based on increasing productivity by placing responsibility on the worker to figure how to do it. In order to establish the best possible way to carry out a job, Taylor carried out some experiments, which he labeled time studies or as time and motion studies.

In these studies, he used a stopwatch to time a worker’s motions in order to determine the most effective way to carry out a job based on the way that took the least time. Q10. John Rockefeller He was an American businessman who founded the standard oil firm that led in America’s oil industry. He contributed a lot to the oil and petroleum industry. He operated the oil firm until 1870 when he retired. Andrew Carnegie He was a Scottish American businessman who contributed a lot the growth and expansion of the steel industry in the U.

S during the 19th century. In addition, he was a renowned philanthropist in that he utilized his wealth to help society. Work CitedMansel Blackford and K. Austin Kerr. Business Enterprise in American History. New York: Cengage, 1993. Print.