Evaluate the impact of the business leaders on the American economy and society from 1865 to 19001 Source: Thomas Alva Edison Jetter written November 141887 My laboratory will soon be completed. I will have the best equipped and largest Laboratory extant, and the facilities incomparably superior to any other for rapid & cheap development of an invention, & working it up into Commercial shape with models, patterns &special machinery. In fact there is no similar institution in Existence. We do our own castings and forgings Can build anything from a lady's watch to a Locomotive. The Machine shop is sufficiently large to employ 50 men 8:30 men can be worked in other parts of the works. Invention that formerly took months cost a large sum can now be done in 2 or 3 days with very small expense , as I shall carry a stock of almost every conceivable material of every size, and with the latest machinery a man will produce 10 times as much as in a laboratory which has but little material, not of a size, delays of days waiting for castings and machinery not universal or modern. You are aware from your long acquaintance with me that I do not fly any financial Kites, or speculate and that the works I control are well-managed . In the early days of the shops it was necessary that I should largely manage them [alone), first because the art had to be created, 2nd, because I could get no men who were competent in such a new business But as soon as it was possible I put other persons in charge . I am perfectly well aware of the fact that my place is in the Laboratory; but I think you will admit that I know how a shop should be managed 8 also know how to select men to manage them.

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Evaluate the impact of the business leaders on the American economy and society from 1865 to 19001 Source: Thomas Alva Edison Jetter written November 141887 My laboratory will soon be completed. I will have the best equipped and largest Laboratory extant, and the facilities incomparably superior to any other for rapid & cheap development of an invention, & working it up into Commercial shape with models, patterns &special machinery. In fact there is no similar institution in Existence. We do our own castings and forgings Can build anything from a lady's watch to a Locomotive. The Machine shop is sufficiently large to employ 50 men 8:30 men can be worked in other parts of the works. Invention that formerly took months cost a large sum can now be done in 2 or 3 days with very small expense , as I shall carry a stock of almost every conceivable material of every size, and with the latest machinery a man will produce 10 times as much as in a laboratory which has but little material, not of a size, delays of days waiting for castings and machinery not universal or modern. You are aware from your long acquaintance with me that I do not fly any financial Kites, or speculate and that the works I control are well-managed . In the early days of the shops it was necessary that I should largely manage them [alone), first because the art had to be created, 2nd, because I could get no men who were competent in such a new business But as soon as it was possible I put other persons in charge . I am perfectly well aware of the fact that my place is in the Laboratory; but I think you will admit that I know how a shop should be managed 8 also know how to select men to manage them.

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The impact of business leaders on the American economy and society from 1865 to 1900, as reflected in Thomas Edison's letter, can be evaluated based on several key points:1. **Technological Innovation and Industrialization:** - Edison's mention of his laboratory highlights the role of business leaders in driving technological innovation. Their efforts led to the establishment of well-equipped facilities for rapid invention and commercial development. - The emphasis on having the best facilities and the ability to produce a wide range of products, from small items to locomotives, reflects the era's focus on industrialization and mass production.2. **Economic Growth and Efficiency:** - The creation of advanced laboratories with modern machinery contributed to increased efficiency in production. Edison's claim of reducing the time and cost of invention from months to days suggests a positive impact on economic growth. - The ability to manage large-scale operations and employ a significant workforce (50 men in the machine shop) speaks to the scale of economic activities led by these business leaders.3. **Entrepreneurial Leadership:** - Edison's commitment to not engaging in financial speculation and his assertion of well-managed operations demonstrate a sense of responsible entrepreneurial leadership. - The willingness to delegate responsibilities and put competent individuals in charge speaks to the development of managerial practices, allowing for the expansion and sustained growth of businesses.4. **Job Creation and Workforce Development:** - The employment of a considerable number of individuals (50 men in the machine shop) indicates the role of business leaders in job creation and workforce development. - Edison's recognition of the need for skilled workers in the early days and his efforts to train and develop competent individuals reflect the broader impact on society through the creation of employment opportunities.5. **Shaping Industrial Practices:** - The establishment of Edison's laboratory and its capabilities suggests the shaping of industrial practices. The ability to conduct in-house castings and forgings reflects a move towards self-sufficiency and control over the entire production process.In summary, business leaders like Thomas Edison played a pivotal role in shaping the American economy and society during the late 19th century. Their contributions to technological innovation, economic efficiency, job creation, and industrial practices laid the foundation for the industrialization and economic growth of the period.

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