The Evolution of America's Electricity Industry

Historical Context

• Over the past 30 years, the US has made substantial advancements.
• Railroads replaced wagon trails, connecting the nation.
• Steel-based skyscrapers emerged; kerosene initially transformed nights.
• Electricity was poised to light homes across America.

Key Figures

• John D. Rockefeller: Aimed to keep kerosene dominant over electricity.
• JP Morgan: Influenced the electrical industry, battling over electricity forms.
• Thomas Edison: Promoted direct current (DC) electricity as the safest.
• Nikola Tesla: Developed alternating current (AC) technology, challenging Edison.

The War of Currents

• Morgan and Edison vs. Tesla and Westinghouse.
• Edison attempted to discredit AC by associating it with danger.
• Developed the electric chair using AC to demonstrate its dangers.
• Execution via electric chair backfired, tarnishing Edison's reputation.

The Niagara Falls Power Project

• Largest power plant construction at Niagara Falls.
• The project was seen as crucial for proving the feasibility of electricity transmission.
• Morgan aimed to control the project, but faced competition.
• After a family tragedy, Morgan gained freedom to pursue his ambitions.

Economic and Business Maneuvers

• Morgan launched a smear campaign against Westinghouse, affecting stock values.
• Tesla sacrificed patent royalties to save Westinghouse's company.
• The 1893 Chicago World's Fair showcased AC's potential, boosting public favor.

Outcomes and Impact

• Westinghouse won the Niagara contract; AC became the preferred standard.
• Morgan shifted from Edison to build General Electric, embracing AC.
• Morgan's methods and influence solidified his power in the electric industry.

Societal Implications

• The development of AC and DC electricity had vast implications beyond just technology.
• It showcased industrial strategies, cutthroat business tactics, and ethical dilemmas.
• The successful spread of electricity changed societal norms and boosted industrial growth.

Legacy

• JP Morgan joined the ranks of Rockefeller and Carnegie, becoming a leading industrial figure.
• The influence of these industrialists shaped America's economic and technological future.

Broader Industrial Context

• Rockefeller shifted his focus to gasoline as a new product following electricity's rise.
• Introduction of the internal combustion engine highlighted gasoline's value.
• Economic power struggles continued with political implications.
• Attempts to control political influence led to collaboration among industrial giants.

Conclusion

• The era highlighted competition, innovation, and the strategic maneuvers of industrial leaders.
• The formation and consolidation of technological industries were marked by personal rivalries and national growth.
• JP Morgan's ability to adapt and overcome setbacks underscored his business acumen.

These notes capture the intricate interplay of innovation, rivalry, and strategy that defined the era of America's electrification.