94-1140: Wharton may refer to: Education [ edit ] Wharton School of the University of Pennsylvania , in Philadelphia, Pennsylvania, United States Wharton County Junior College , in Wharton, Texas, United States Paul R. Wharton High School , in Tampa, Florida, United States Wharton Center for Performing Arts, at Michigan State University in East Lansing, Michigan, United States Places [ edit ] Mount Wharton , Antarctica Wharton, Cheshire , England Wharton, Cumbria , England Wharton, New Jersey , United States Wharton, Ohio , United States Wharton, Texas , United States Wharton, West Virginia , United States Wharton Township, Fayette County, Pennsylvania , United States Wharton Township, Potter County, Pennsylvania , United States Wharton Basin ,
188-504: A $ 100,000 initial pledge, making it the first business school established in the United States. ESCP Europe , established in 1819, and a few other business schools were established in Europe prior to Wharton's founding The school was meant to train future leaders to conduct corporations and public organizations in a rapidly evolving industrial era. Wharton was quoted as saying that the school
282-655: A brief time. The United States Shipbuilding Company was in turmoil; its subsidiaries, including the Bethlehem Steel Company, contributed to the United States Shipbuilding Company's problems. Schwab again became involved with Bethlehem Steel Company through the parent company, the United States Shipbuilding Company. The United States Shipbuilding Company planned in 1903 to reorganize as the Bethlehem Steel and Shipbuilding Company, which would be
376-507: A bunch of academic "misfits," and some of its alumni rose in the U.S. business world. During this period, the school continued to attract additional faculty members and expand its research programs. Wharton began awarding MBA degrees in 1921. The first woman to earn an MBA at Wharton was Alma K. Ledig , in 1931. In 1942, during World War II , in the same fashion of other schools, Wharton's full-time faculty dropped dramatically from 165 to 39 by 1944. According to school historians, members of
470-886: A center for continuing business education for senior executives. The institute is named in honor of civic leader, business owner, philanthropist, and Wharton alumnus Julian Aresty and his brother Joseph Aresty, who together endowed the Aresty Institute for Executive Education in 1987. Wharton Executive Education offers programs for executives in areas such as finance, marketing, strategy, and innovation. Each year, more than 10,000 professionals worldwide attend Wharton Executive Education programs in classes taught by full-time Wharton faculty. Wharton offers more than 50 open enrollment programs for individuals on campuses in Philadelphia, San Francisco, and Beijing, China. Wharton also overs three long-duration open-enrollment programs that confer alumni status upon successful completion. These programs are
564-480: A colloquium space on the top floor. Steinberg Hall-Dietrich Hall is a joint 180,000-square-foot structure comprising two adjacent halls. It was built in 1952 and expanded in 1983 through a donation from Wharton alumnus Saul Steinberg , and houses the offices of several academic departments at the Wharton School. It also contains lecture halls, conference rooms and common areas for faculty and students. Vance Hall
658-505: A concentration requires a student to take four classes outside of what is required in the core curriculum. Policy has recently changed such that Wharton students can graduate with a maximum of 2 concentrations rather than 3. In the 2015–16 school year, 334 employers participated in the on-campus recruiting process; each student received an average of 7.6 first-round interviews and 1.8 job offers. About 48% of Wharton's typical undergraduate class of 650 students go into financial services , with
752-424: A joint degree from its law, engineering, and government schools. In addition to its tracks in accounting, finance, operations, statistics, and other academic departments, the doctoral and post-doctoral programs co-sponsor several diploma programs in conjunction with other schools within the university. Joseph Wharton , a native Philadelphian , was a leader in industrial metallurgy who built his fortune through
846-620: A lawsuit was filed in the Third Circuit Court of Appeals in Philadelphia . The case, Lawrence Hollyfield, Fiduciary to the Estate of Collins Hollyfield v. Pension Plan of Bethlehem Steel Corporation and Subsidiary Companies, was settled in favor of Hollyfield in 2001. It led to a class action lawsuit filed by Bethlehem Steel's workers union soon thereafter. This settlement led to PBGC assuming all Bethlehem Steel pension obligations, representing
940-477: A lawyer in Connecticut in the second half of the 19th century. After resigning from his law firm, he started pursuing a new career in business journalism and was promoted to the editor role of Bankers Magazine , a trade publication, in 1880. Upon joining the Wharton School, he began teaching business with classes on the law of governing finance and on the processes of commercial banking. Bolles' instruction in finance
1034-424: A loss of US$ 1.5 billion and shut down much of its operations. The company's profitability returned briefly in 1988, but restructuring and shutdowns continued through the 1990s. In the mid-1980s, demand for the plant's structural products began to diminish and new competition entered the marketplace. Lighter construction styles, due in part to lower-height construction styles, such as low-rise buildings, did not require
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#17328481945521128-499: A median first-year base compensation of $ 86,217. The school offers two paths, an MBA for full-time students and an MBA for executives. Students can elect to pursue double majors or individualized majors. During their first year, all students pursue a required core curriculum that covers traditional management disciplines—finance, marketing, statistics, and strategy—as well as the leadership, ethics, and communication skills needed at senior levels of management. Students pick electives in
1222-482: A naval appropriations bill that authorized the construction of two armored second-class battleships, one protected cruiser, one first-class torpedo boat, and the complete rebuilding and modernization of two Civil War-era monitors. The two second-class battleships, the USS ; Texas and the USS Maine , both had large-caliber guns with 12-inch and 10-inch, respectively, and heavy armor plating. Bethlehem secured both
1316-558: A number of empirical studies conducted on the nation's most elite schools, with a particular focus on Ivy League universities. Leading universities in the United States cite stronger alumni connections and continued support as the primary reasons for this practice. Wharton undergraduate students are required to graduate with a B.S. in economics with at least 1 of 21 current concentrations. Concentrations range from finance and accounting to lesser-known studies such as business analytics and Social Impact & Responsibility. Obtaining
1410-902: A presence in Latin America for roughly a century (1880s - 1980s). As such, the company profited greatly from the United States’ economic control over the region. “In a single year, 1960, U.S. Steel and Bethlehem Steel realized a greater than 30 percent profit on their Venezuelan iron investment, and this profit equaled all the taxes paid to the Venezuelan state in the decade since 1950” Bethlehem Steel also relied on Latin American mines for manganese , an additive for tensile strength. During President Eurico Dutra’s presidency in Brazil (1946 - 1951), Bethlehem Steel received 40 million ton of manganese “for 4 percent of
1504-408: A result, the company encountered difficulty when it faced rising pension costs combined with diminishing profits and increased global competition. By the 1970s, imported foreign steel was proving cheaper than domestically produced steel, and Bethlehem Steel faced growing competition from mini-mills and smaller-scale operations that could sell steel at lower prices. In 1982, Bethlehem Steel reported
1598-547: A single one of which was for 50,000 tons of steel, went to competitors in Seattle, St. Louis, New York and Illinois. U.S. global leadership in steel manufacturing lasted about two decades during which the U.S. steel industry operated with little foreign competition. Eventually however, foreign firms were rebuilt with modern techniques such as continuous casting , while profitable U.S. companies resisted modernization. Bethlehem experimented with continuous casting but never fully adopted
1692-492: A subsidiary of the Bethlehem Steel Corporation, though the Bethlehem Steel Company also had subsidiaries of its own. Bethlehem Steel Corporation became the second largest steel provider in the United States. Both the Bethlehem Steel Company and the Bethlehem Steel Corporation existed simultaneously after 1904 until the 1960s, when the two companies were merged into the Bethlehem Steel Corporation. From 1906 until it
1786-481: A team of assistants, applied a series of management principles established by Taylor, which would later come to be known as scientific management and was used in increasing mass production. The Bethlehem Iron Company was very successful and profitable, and the corporate management of the Bethlehem Iron Company believed that it could be even more profitable. To accomplish that goal, the corporate ownership of
1880-486: Is a 107,000-square-foot structure built in 1972 to house Wharton's graduate programs, administrative offices, lecture halls, and meeting areas. Lauder-Fischer Hall houses the Joseph H. Lauder Institute for Management and International Studies , and focuses mainly on international business teaching and research initiatives. The Lauder Institute was founded in 1983 by Wharton alumni Leonard Lauder and Ronald Lauder . In 2014,
1974-487: Is accredited by the International Association for Continuing Education and Training (IACET); it was the first online business school to be accredited by this organization. The COVID-19 pandemic meant a rapid shift towards online teaching, transforming some of the classroom courses into online courses. For years there has been a strong investment in online education, so the school has been able to adapt well to
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#17328481945522068-463: Is different from Wikidata All article disambiguation pages All disambiguation pages Wharton School The Wharton School ( / ˈ hw ɔːr t ən / WHOR -tən ) is the business school of the University of Pennsylvania , a private Ivy League research university in Philadelphia . Established in 1881 through a donation from Joseph Wharton , a co-founder of Bethlehem Steel ,
2162-403: Is widely recognized as the most important marketing theorist of the twentieth century and the "father of modern marketing." Wharton professor Paul Green is considered to be the "father of conjoint analysis" for his discovery of the statistical tool for quantification of market research. Wharton professor Solomon S. Huebner is known widely as "the father of insurance education." He originated
2256-562: The American Civil War , the U.S. Navy quickly downsized after the end of hostilities as national energies were redirected toward settling the West and rebuilding the war-ravaged South. Almost no new ordnance was produced, and new technology was neglected. By 1881, international incidents highlighted the poor condition of the U.S. fleet and the need to rebuild it to protect U.S. military capabilities, trade, and prestige. In 1883, U.S. Secretary of
2350-618: The Axis powers in World War II. Historians cite Bethlehem Steel's ability to quickly manufacture warships and other military equipment as decisive factors in American victories in both world wars. Bethlehem Steel's roots trace to an iron-making company organized in 1857 in Bethlehem, which was later named the Bethlehem Iron Company. In 1899, the owners of the iron company founded Bethlehem Steel Company and, five years later, Bethlehem Steel Corporation
2444-682: The Golden Gate Bridge in San Francisco , and the Peace Bridge between Buffalo and Fort Erie, Ontario . Bethlehem Steel played an instrumental role in manufacturing the U.S. warships and other military weapons used in World War I and later by the Allied forces in ultimately winning World War II . Over 1,100 Bethlehem Steel-manufactured warships were built for use in defeating Nazi Germany and
2538-581: The Lackawanna Steel Company , which included the Delaware, Lackawanna and Western Railroad and extensive coal holdings. During World War I and World War II , Bethlehem Steel was a major supplier of armor plate and ordinance to the U.S. armed forces, including armor plate and large-caliber guns for the U.S. Navy, and was influential to U.S. victories in both wars. Bethlehem Steel "was the most important to America's national defense of any company in
2632-575: The Lehigh Valley region of the United States. Its primary steel mill manufacturing facilities were first located in Bethlehem, Pennsylvania and later expanded to include a major research laboratory in Bethlehem, Pennsylvania, and plants in Sparrows Point, Maryland, Johnstown, Pennsylvania, Lackawanna, New York, and its final and largest site in Burns Harbor, Indiana. The company's steel was used in
2726-519: The New York Stock Exchange in analyzing the strategic and commercial implications of information systems. The Wharton School's first business professor was an attorney, Albert Bolles. At the time, there were no other business schools, and no business professors could be recruited elsewhere. Bolles, a lawyer by education and training, and business journalist by career seemed to be the best option for Joseph Wharton. Bolles started his career as
2820-438: The early decision (ED) process or regular decision (RD) process. Unlike many other undergraduate business programs where students transfer in after their freshman or second year (University of Virginia's McIntire, Emory's Goizueta, UC Berkeley's Haas), Wharton applicants apply specifically for Wharton during their senior year of high school. These candidates are then grouped with a pool of applicants separate from those applying to
2914-514: The "dean of the pension industry," whose research contributed to shaping the modern retirement system both in the public and corporate sectors. In 1946, after ENIAC was created at the University of Pennsylvania, Wharton created the first multidisciplinary programs in technology management with the School of Engineering and Applied Science. Wharton faculty began to work closely with AT&T , Merrill Lynch , MasterCard , Prudential Insurance , and
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3008-997: The Advanced Finance Program, Advanced Management Program, and the General Management Program. Some programs eligible for alumni status, Wharton Programs for Working Professionals (WPWP), for example, are not offered anymore. However, graduates of these programs are still qualified for "Alumni, Non-Degreed" status by Penn. In addition to a large portfolio of open-enrollment programs for individuals, Wharton Executive Education also offers customized programs for organizations. Custom program topic areas include Finance and Value Creation, Leadership Development, Marketing and Sales, and Strategy and Innovation. Industry areas of expertise include Consumer Products, Retail, Energy, Transportation, Financial Services, Health Care, Pharmaceuticals, Manufacturing and Industrials, Professional Services, Technology and Communications. PWBM analyses
3102-547: The American Nickel Company and Bethlehem Steel Corporation . As Wharton's business grew, he recognized that business knowledge in the United States was only taught through an apprenticeship system, and such a system was not viable for creating a wider economy during the Second Industrial Revolution . After two years of planning, Wharton in 1881 founded the Wharton School of Finance and Economy through
3196-420: The Bethlehem Iron Company switched to steel production, and the company's name was formally changed to Bethlehem Steel Company. In 1899, Bethlehem Steel Company was established. This was the first company to carry the name Bethlehem Steel. Bethlehem Steel Company, also then known as Bethlehem Steel Works, was incorporated to take over all liabilities of the Bethlehem Iron Company. The Bethlehem Iron Company and
3290-556: The Bethlehem Steel Company gained control of all properties from the Bethlehem Iron Company and the Bethlehem Iron Company ceased operations. Schwab transferred his ownership of the Bethlehem Steel Company to the U.S. Steel Corporation , the company of which he was president. This period was brief; Schwab repurchased Bethlehem Steel Company, then sold it to the United States Shipbuilding Company . The United States Shipbuilding Company owned Bethlehem Steel Company only
3384-433: The Bethlehem Steel Company were separate companies under the same ownership. The Bethlehem Steel Company leased the properties that were owned by the Bethlehem Iron Company. In 1901, Charles M. Schwab (no relation to the stockbroker Charles R. Schwab ), purchased the Bethlehem Steel Company and made Samuel Broadbent its vice president. During this time, the company's lease with the Bethlehem Iron Company came to an end as
3478-579: The Navy William E. Chandler and U.S. Secretary of War Robert Todd Lincoln appointed Lt. William Jaques to the Gun Foundry Board and Jaques was sent on several fact-finding tours of European armament makers. On one of these trips, he formed business ties with the firm of Joseph Whitworth of Manchester , England. He returned to the United States as Whitworth's agent and, in 1885, was granted an extended furlough to pursue this personal interest. Jaques
3572-496: The Steinberg Conference Center houses the Aresty Institute of Executive Education. Jon M. Huntsman Hall is the Wharton School's main building. The building is a 324,000-square-foot structure with 48 seminar and lecture halls, 57 group study rooms, and several auditoriums and conference rooms. It was constructed through a donation from Wharton alumnus Jon M. Huntsman . It also has a 4,000-square-foot forum, as well as
3666-439: The University of Pennsylvania's College of Arts and Sciences (CAS), School of Engineering and Applied Science (SEAS), or School of Nursing. Each of the other three schools also forms its own separate pool of applicants. The legacy status of applicants, defined as having a parent or another direct relative who attended the same academic institution, may be considered in the admissions process. This correlation has been observed in
3760-408: The Wharton School faculty was tightly connected to an influential group of businessmen, bankers, and lawyers that made up the larger Philadelphia School of Political Economy. The faculty incorporated social sciences into the Wharton curriculum, as the field of business was still under development. Albert S. Bolles, a lawyer, served as Wharton's first professor, and the school's Industrial Research Unit
3854-597: The Wharton School is the world's oldest collegiate business school. The Wharton School awards Bachelor of Science in Economics undergraduate and graduate degrees with a school-specific economics major , with concentrations in over 18 disciplines in Wharton's academic departments. The degree is a general business degree focused on core business skills. At the graduate level, the Master of Business Administration program can be pursued standalone or along with dual studies leading to
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3948-482: The Wharton School launched the Student Life Space in Philadelphia's central business district. It is a 20,000-square-foot space with conference rooms, meeting rooms and over 20 group study rooms. It also serves as an incubator space for startup companies. In 2018, it was announced that a new 70,000-square-foot campus building for student entrepreneurship would be constructed, following a $ 25 million donation from
4042-541: The Wharton School, but it lacked in any other areas of business interest. Edmund J. James , with a doctorate from the University of Halle in Germany, reinvigorated the school's curriculum, starting classes on political finance and administration. Later in 1885, James argued for redesigning the course of study at Wharton with elements of German higher education. He wanted to include training in banking, railroading, merchandising, manufacturing, and other similar branches, and expand
4136-545: The armor plate for warships, and one-third of the big cannon forgings for the U.S armed forces were turned out by Bethlehem Steel. Steel is an alloy made up of iron and carbon, with additional minerals added depending on its use. In the 20th century, sourcing the necessary minerals in the United States was significantly more expensive than supplying them from elsewhere. Bethlehem Steel is just one of several U.S. companies to have sourced iron from Latin America. Bethlehem Steel held
4230-688: The campus is open to executive MBA students and to full-time MBA students, who can decide to spend the spring semester of first year, or fall or spring semesters of second year of the MBA program in San Francisco in the Semester in San Francisco Program. For the full-time MBAs, the Semester in San Francisco Program focuses on entrepreneurship, technology, and venture capital. Prospective Wharton candidates apply in their senior year of high school either through
4324-547: The class reported a median sign-on bonus of $ 30,000 and a median guaranteed bonus of $ 28,204. The MBA program annually receives around 7,300 applications for the 850 places in the class. Wharton co-sponsored the Executive Master's in Technology Management Program (EMTM) with the University of Pennsylvania School of Engineering and Applied Science. Graduates received a Master of Science in engineering (MSE) in
4418-452: The community skillfully as well as faithfully in offices of trust, or, remaining in private life, may prudently manage their own affairs and aid in maintaining sound financial morality: in short, to establish means for imparting a liberal education in all matters concerning Finance and Economy." The school was renamed the Wharton School of Finance and Commerce, in 1902, and formally changed its name to simply Wharton School in 1972. Early on,
4512-607: The company produced rails for the rapidly expanding railroads and armor plating used by the U.S. Navy . The company continued to prosper during the early 1880s, but its share of the rail market began to decline in the face of competition from growing Pittsburgh and Scranton -based firms, such as the Carnegie Steel Company and Lackawanna Steel . The nation's decision to rebuild the Navy with steam-driven, steel-hulled warships reshaped Bethlehem Iron Company's destiny. Following
4606-471: The concept of "human life value," which became a standard method of calculating insurance value and need. He established the goal of professionalism in the field of insurance, developed the first collegiate-level program in insurance and chaired the Department of Insurance at Wharton, and contributed greatly to the progress of adult education in this area. Wharton professor Daniel M. McGill was widely regarded as
4700-882: The construction of many of America's largest and most famed structures. Among major buildings, Bethlehem produced steel for 28 Liberty Street , the Chrysler Building , the Empire State Building , Madison Square Garden , Rockefeller Center , and the Waldorf Astoria hotel in New York City and Merchandise Mart in Chicago . Among major bridges, Bethlehem steel was used in constructing the George Washington Bridge and Verrazzano-Narrows Bridge in New York City,
4794-459: The construction trades. Galvanized sheet steel under the name BETHCON was widely produced for use as duct work or spiral conduit. The company also produced forged products for defense, power generation, and steel-producing companies. From 1949 to 1952, Bethlehem Steel had a contract with the U.S. federal government to roll uranium fuel rods for nuclear reactors in Bethlehem Steel's Lackawanna, New York plant. Workers were not aware of
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#17328481945524888-494: The course's length to four years from the initial three. Joseph Wharton in November 1893 pledged an additional $ 75,000 to the school in order to implement James' ideas in the school's curriculum. A more comprehensive study plan was then rolled out. Between 1895 and 1915, James started teaching at Wharton the new fields of finance and management as they were developing in the business world. The Wharton School improved its reputation from
4982-481: The dangers of the hazardous substance and were not given protective equipment. Some workers have since attempted to receive compensation under a year 2000 radiation-exposure law. The law required the U.S. Labor Department to compensate workers up to $ 150,000 if they developed cancer later in life, provided their work history involved enough radiation exposure to significantly increase their cancer risk. Bethlehem Steel workers have not been awarded this compensation because
5076-420: The doctoral program. Wharton also offers a dual master's degree in statistics and data science for students enrolled in other doctoral programs at the university. Students who are interested in careers in technology industries also regularly study at Wharton's San Francisco campus. The Wharton School also operates the Aresty Institute of Executive Education, commonly known as "Wharton Executive Education",
5170-604: The early 1900s, Samuel Broadbent led an initiative to diversify the company. The corporation branched out from steel, with iron mines in Cuba and shipyards around the country. In 1913, under Broadbent, Bethlehem Steel acquired the Fore River Shipbuilding Company of Quincy, Massachusetts , assuming the role of one of the world's major shipbuilders. In 1917, it incorporated its shipbuilding division as Bethlehem Shipbuilding Corporation Ltd. In 1922, Bethlehem Steel purchased
5264-514: The emergency vessel SS Sinclair Superflame at the Fore River Shipyard in Quincy, Massachusetts . In 1946, Bethlehem Steel signed a contract with mining company LKAB to contribute to the recovery of the post-World War II recovery of the iron ore industry in northern Sweden . Following end of World War II, the Bethlehem Steel plant continued to supply a wide variety of structural shapes for
5358-462: The end of 1995, Bethlehem Steel closed steel-making at its main Bethlehem plant. After roughly 140 years of metal production in Bethlehem, Bethlehem Steel ceased its Bethlehem operations. Two years later, in 1997, Bethlehem Steel Corporation ceased shipbuilding activities in an attempt to preserve its steel-making operations. In 2001, however, Bethlehem Steel filed for bankruptcy and, in 2003, the company dissolved. In 1998, after denied pension benefits,
5452-670: The factory floor and in the company offices. After the war, female workers were promptly fired in favor of male counterparts. On Liberty Fleet Day , September 27, 1941, then U.S. President Franklin D. Roosevelt was present at the launching of the first Liberty ship SS Patrick Henry at Bethlehem Steel's Bethlehem Fairfield Shipyard in Baltimore . Also launched the same day were the Liberty SS James McKay at Bethlehem Sparrows Point Shipyard in Sparrows Point, Maryland , and
5546-557: The faculty were called upon for special posts. In 1959, Wharton adopted the curriculum that is now taught in most major business schools: the program was changed with liberal arts education doubling to almost half of the curriculum. In 1974 the social sciences department, along with the rest of the university's liberal arts programs, was moved to the newly created University of Pennsylvania School of Arts and Sciences . Since then, Wharton faculty have focused exclusively on various aspects of business education. Official historical names of
5640-534: The father of the U.S. Steel Industry, accompanied Bethlehem Iron directors Robert H. Sayre , Elisha Packer Wilbur, president of Lehigh Valley Railroad , William Thurston, and Joseph Wharton , founder of the Wharton School of the University of Pennsylvania , to meet with Jaques in Philadelphia . In early 1886, Bethlehem Iron and the Whitworth Company executed a contract. In the spring 1886, Congress passed
5734-508: The federal government, most notably as a mediator and arbitrator . During his career, Taylor settled more than 2,000 strikes . In 1967, he helped draft the New York State civil service law that legalized collective bargaining in the state but that also banned strikes by public employees—legislation widely known today as the Taylor Law . Wharton professor Wroe Alderson (1898–1964)
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#17328481945525828-403: The financial and other impacts of possible government policies. Through its online division, Wharton offers massive open online courses on Coursera with specializations in business and financial modeling, business analytics, entrepreneurship, FinTech and business foundations. Wharton Online also offers a Leadership and Management Certificate and a Business Analytics Certificate. The division
5922-515: The fledgling company elected Alfred Hunt president. On May 1, 1861, the company's title was changed again, this time to the Bethlehem Iron Company. Construction of the first blast furnace began on July 1, 1861, and was operationalized on January 4, 1863. The first rolling mill was built between the spring of 1861 and the summer of 1863 with the first railroad rails being rolled on September 26, 1863. A machine shop, in 1865, and another blast furnace, in 1867, were completed. During its early years,
6016-453: The forging and armor contracts on June 28, 1887. Between 1888 and 1892, the Bethlehem Iron Company completed the first U.S. heavy-forging plant. It was designed by John Fritz with the assistance of Russell Davenport , who joined Bethlehem Iron in 1888. By fall 1890, Bethlehem Iron was delivering gun forging to the U.S. Navy and was completing facilities to provide armor plating. During the 1893 Chicago World's Fair , Bethlehem Steel provided
6110-562: The heavy structural grades produced at the Bethlehem plant. In 1991, Bethlehem Steel Corporation discontinued coal mining it had been conducting under the name BethEnergy and the company exited the railroad car business two years later, in 1993. In 1992, the Johnstown plants of the Bethlehem Steel, which had been founded in 1852 by The Cambria Iron Company of Johnstown and were purchased by Bethlehem Steel in 1923, were forced into closure. By
6204-498: The hedge fund manager and philanthropist Nicolai Tangen . The building will be located at 40th and Sansom Streets, and is set to be completed by 2020. In 2001, Wharton launched a satellite campus in San Francisco, California . The Bay Area campus was created to capitalize on the growing start-up culture and related financing sector of Silicon Valley . It serves as a hub on the West Coast for its students and alumni. As of 2012,
6298-409: The income of exporting it.” Bethlehem Steel ranked seventh among U.S. corporations in the value of wartime production contracts during World War II . Bethlehem Shipbuilding Corporation 's 15 shipyards produced a total of 1,121 ships, more than any other builder during the war and nearly one-fifth of the U.S. Navy's two-ocean fleet. Its shipbuilding operations employed as many as 180,000 persons,
6392-429: The institution include the Wharton School of Finance and Economy, from 1881 to 1901, and the Wharton School of Finance and Commerce, from 1902 to 1971. The Jay H. Baker Retailing Center at Wharton was permanently endowed by alumnus Jay H. Baker in 2010. It is an interdisciplinary industry research center which was originally established in 2002. The center brings together retail leaders, faculty, and students to discuss
6486-460: The iron used in the creation of a 45.5 -foot steel axle to support the world's first Ferris wheel , a 264-foot (80 m) structure. The iron was manufactured in Bethlehem Steel's blast furnaces and represented the largest single steel forging ever constructed at the time. In 1898, Frederick Winslow Taylor joined Bethlehem Steel as a management consultant in order to solve an expensive machine shop capacity problem. Taylor and Maunsel White, with
6580-477: The largest such pension liability assumption in U.S. history. In 2001, Bethlehem Steel filed for bankruptcy , becoming the 25th American steelmaking company in the span of four years between 1998 and 2001 to file for bankruptcy protection. In 2003, the company was dissolved with its remaining assets, including six plants, acquired by the International Steel Group . International Steel Group, in turn,
6674-500: The late 1950s and early 1960s as the company began manufacturing 23 million tons of steel annually. In 1958, the company's president, Arthur B. Homer, was the highest-paid U.S. business executive, and the firm built the first phase of what would become its largest plant, Burns Harbor between 1962 and 1964 in Burns Harbor, Indiana . In 1967, the company lost its bid to provide the steel for the original World Trade Center . The contracts,
6768-577: The lion's share of the company's total employment of 300,000. Eugene Grace was president of Bethlehem Steel from 1916 to 1945, and chairman of the board from 1945 until his retirement in 1957. Grace orchestrated Bethlehem Steel's World War II wartime efforts. In 1943, Grace promised U.S. President Franklin D. Roosevelt that Bethlehem Steel would manufacture one ship per day, and he ultimately exceeded that commitment by 15 ships. World War II, however, drained Bethlehem Steel of much of its male workforce. The company hired female employees to guard and work on
6862-864: The management of technology from the School of Engineering and Applied Science. The EMTM program ended in August 2014. Wharton is also part of the Wharton- INSEAD Alliance. MBA students from each program can spend one period of study at the partner school, allowing Wharton students access to the INSEAD campuses in both Fontainebleau and Singapore . Students who are interested in careers in technology industries also regularly study at Wharton's San Francisco campus. Wharton offers doctor of philosophy degrees in finance, applied economics, management, and other business fields (as opposed to some schools, which grant DBAs ). It takes approximately four to six years to complete
6956-620: The new circumstances, according to the Financial Times analysis on the adaptation of business schools to COVID-19. Wharton School alumni include Tesla / SpaceX / Twitter CEO Elon Musk , U.S. president elect Donald Trump , investor Warren Buffett and financier Marc Rowan . Other alumni include the current and former CEOs of Fortune 500 at Alphabet Inc. , Boeing , Comcast , General Electric , H-E-B , Johnson & Johnson , Oracle , Pfizer , PepsiCo , and other companies. Bethlehem Steel The Bethlehem Steel Corporation
7050-498: The new school off to a respectable start by the spring of 1883." In 1884, the first five business students were awarded a Bachelor of Finance degree. One graduate, Shiro Shiba, returned to Japan where he would become a member of the Diet , the Japanese parliament, and another, Robert Adams Jr. , later was named United States Ambassador to Brazil . Classes in business and finance abounded at
7144-592: The north-eastern part of the Indian Ocean Wharton Creek , a stream in New York State, United States Wharton State Forest , New Jersey, United States People [ edit ] Wharton (name) , including a list of people with the name See also [ edit ] [REDACTED] Look up Wharton in Wiktionary, the free dictionary. Warton (disambiguation) Topics referred to by
7238-497: The opportunities and challenges of retailers. The Baker Retailing Center also hosts an annual CEO Summit in New York City. On February 26, 2020, Erika H. James was named dean of the Wharton School, effective July 1, 2020. She is both the first woman and the first African-American to lead the business school. The Philadelphia campus of the Wharton School has four primary buildings, Jon M. Huntsman Hall, Steinberg Hall-Dietrich Hall, Vance Hall, and Lauder-Fischer Hall. In addition,
7332-527: The past century. We wouldn't have won World War I and World War II without it", historian Lance Metz told The Washington Post in 2003. In the 1930s, the company also manufactured the steel sections and parts for the Golden Gate Bridge and built for Yacimientos Petrolíferos Fiscales ( YPF ), a new oil refinery in La Plata , Argentina, which was the tenth-largest in the world. During World War II, as much as 70 percent of airplane cylinder forgings, one-quarter of
7426-442: The practice. Meanwhile, the age of Bethlehem Steel workers was increasing, and the ratio of retirees to workers was rising, meaning that the value created by each worker had to cover a greater portion of pension costs than before. Former top manager Eugene Grace had failed to adequately invest in the company's pension plans during the 1950s. When the company was at its peak, pension contributions that should have been made were not. As
7520-450: The radiation dose involved in processing fresh uranium fuel is low and produces a small risk relative to the baseline risk. The larger danger in processing uranium is chemical poisoning from the heavy metal, which does not produce cancer. The steel industry in the U.S. prospered during and after World War II, while the steel industries in Germany and Japan lay devastated by allied bombardments. Bethlehem Steel's success reached its peak in
7614-533: The same statistical information for all national economies. Professor Lawrence Klein , who also won the Nobel Prize in Economics, developed the first econometric model of the U.S. economy, which combined economic theory with mathematics, providing another way to test theories and predict future economic trends. Wharton professor George W. Taylor is credited with founding the academic field of study known as industrial relations . He served in several capacities in
7708-450: The same term [REDACTED] This disambiguation page lists articles associated with the title Wharton . If an internal link led you here, you may wish to change the link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=Wharton&oldid=1194645838 " Categories : Disambiguation pages Place name disambiguation pages Hidden categories: Short description
7802-464: The second company to use the name Bethlehem Steel. However, the United States Shipbuilding Company was not reorganized as the Bethlehem Steel and Shipbuilding Company; instead, a plan was drawn up for a new company to be formed to replace the United States Shipbuilding Company. The new company was initially to be named Bethlehem Steel and Shipbuilding Company. In 1904, it instead assumed the name Bethlehem Steel Corporation. The Bethlehem Steel Corporation
7896-542: The second year. Wharton MBA students may pursue a dual degree with the Lauder Institute , Johns Hopkins University 's Paul H. Nitze School of Advanced International Studies (SAIS), Harvard Kennedy School at Harvard University , or with one of the graduate schools at the University of Pennsylvania. MBA students from the Class of 2021 earn an average first-year salary and guaranteed compensation of $ 155,000. Additionally,
7990-458: The top sectors being investment banking , investment management , and private equity . The next most common industry after finance is management consulting , which hires approximately 22% of the students, while a significant number of students enter marketing, sales, and the technology industry, particularly in Silicon Valley . For the Class of 2020, Wharton undergraduate students reported
8084-590: Was an American steelmaking company headquartered in Bethlehem, Pennsylvania . Until its closure in 2003, it was one of the world's largest steel-producing and shipbuilding companies. At the height of its success and productivity, the company was a symbol of American manufacturing leadership in the world, and its decline and ultimate liquidation in the late 20th century is similarly cited as an example of America's diminished manufacturing leadership. From its founding in 1857 through its 2003 dissolution, Bethlehem Steel's headquarters were based in Bethlehem, Pennsylvania, in
8178-420: Was aware that the U.S. Navy would soon solicit bids for the production of heavy guns and other products such as armor that would be needed to further expand the fleet. Jaques contacted the Bethlehem Iron Company with a proposal to serve as an intermediary between it and the Whitworth Company, so Bethlehem Iron could erect a heavy-forging plant to produce ordnance. In 1885, John F. Fritz , sometimes referred to as
8272-568: Was created to be the steelmaking company's corporate parent. Bethlehem Steel survived the earliest declines in the American steel industry beginning in the 1970s. In 1982, however, the company suspended most of its steelmaking operations after posting a loss of $ 1.5 billion, attributable to increased foreign competition, rising labor and pensions costs, and other factors. The company filed for bankruptcy in 2001 and final dissolution in 2003 when its remaining assets were sold to International Steel Group . In 1857, what ultimately became Bethlehem Steel
8366-518: Was de-listed in 2002, Bethlehem Steel was traded on the NYSE under the two letter symbol BS. Bethlehem Steel Corporation installed the Gray rolling mill and produced the first wide-flange structural shapes to be made in the United States. These shapes were partly responsible for ushering in the age of the skyscraper and establishing Bethlehem Steel as the leading supplier of steel to the construction industry. In
8460-448: Was established in 1921. Wharton professor Simon Kuznets , who later won the Nobel Prize in Economics, created statistical data on national output, prices, investment, and capital stock and measured seasonability, cycles, and secular trends of these phenomena. His work laid out what became the standard procedure for measuring the gross national product and the gross domestic product , and he later led an international effort to establish
8554-465: Was formed by Schwab, who had recently resigned from U.S. Steel , and by Joseph Wharton , who founded the Wharton School at the University of Pennsylvania in Philadelphia . Schwab became the first president and first chairman of the board of directors. After its formation, the Bethlehem Steel Corporation purchased the Bethlehem Steel Company and its remaining subsidiaries from the United States Shipbuilding Company. The Bethlehem Steel Company became
8648-510: Was influenced by his previous experience in Bankers Magazine : he stressed conservative business practices, drawing on business history as much as he could. In his classes, inflationist Congressmen were "self-interested debtors." Besides teaching, Bolles advocated for several national reforms, including the uniform banking law. Wharton historian Steven A. Sass wrote about him, "Bolles thus fulfilled Joseph Wharton's pedagogic expectations and…got
8742-597: Was launched as the Saucona Iron Company in Bethlehem, Pennsylvania by Augustus Wolle. That same year, the Panic of 1857 , a national financial crisis, halted the company's further organization. But the organization subsequently restarted, its site was moved elsewhere to South Bethlehem , and the company's name was changed to the Bethlehem Rolling Mill and Iron Company. On June 14, 1860, the board of directors of
8836-532: Was meant to "instill a sense of the coming strife [in business life]: of the immense swings upward or downward that await the competent or the incompetent soldier in this modern strife." From the founding of the school, he defined that its goal was "to provide for young men special means of training and of correct instruction in the knowledge and in the arts of modern Finance and Economy, both public and private, in order that, being well informed and free from delusions upon these important subjects, they may either serve
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