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America’s 2 nd Industrial Revolution

America’s 2 nd Industrial Revolution. What is happening in the late 1800s in America?. Railroads expanding New inventions and innovations in technology & business Rise of monopolies. Expansion of Railroads. Trans-Continental railroad completed in 1869 In 1860, US had 30,000 miles of track

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America’s 2 nd Industrial Revolution

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  1. America’s 2nd Industrial Revolution

  2. What is happening in the late 1800s in America? • Railroads expanding • New inventions and innovations in technology & business • Rise of monopolies

  3. Expansion of Railroads • Trans-Continental railroad completed in 1869 • In 1860, US had 30,000 miles of track • By 1900, that number grew to 193,000 miles • Railroads meant access to new markets & natural resources • RR transported raw materials and goods to cities and new markets

  4. Partner Question How did railroads affect (change) US business?

  5. New Inventions & Innovations • Between 1860-1890, 400,000 new patents were issued by the gov’t • Examples: • 1846- sewing machine (Howe) • 1868- typewriter (Sholes) • 1876-telephone (Bell) • 1879- light bulb (Edison) • 1888- adding machine (Burrough) • 1888- Kodak camera (Eastman)

  6. New Inventions & Innovations • New inventions/innovations transform society • New inventions were designed to make businesses run more efficiently • Also meant to make people’s lives easier • Meant to save time and money • Machines can now do the work faster than humans

  7. Innovations in Business Methods • CORPORATIONS: a company sells shares of ownership to the public. • ASSEMBLY LINES: allows good to be mass produced and sold more cheaply • CHAIN STORES: business owners could open up numerous stores in different locations and increase their profits

  8. Partner Question How do innovations in technology contribute to the expansion of American business and economy?

  9. America was able to change from an agricultural economy to an industrial economy because of new innovations in technology and its abundant resources, also known as the factors of production: Land Labor Capital

  10. Class Task Turn to page 595 in your textbook. As a class we will read the section labeled, Factors of Production. After the reading, work with your partner to complete the following task: Analyze the following list and divide them into 3 categories (land, labor, capital): hammer, farmer, trees, bank building, accountant, iron ore, investment money, coal, carpenter, oil, computer, copying machine, internet, truck, factory, yarn, seamstress, oil well, ship

  11. Rise of Monopolies • Business leaders like Rockefeller & Carnegie created monopolies in their industries • Monopolies are when one person owns everything in an industry • Monopolies eliminate competition • Monopolies became so powerful they were difficult to control

  12. New Leaders in Business • John D. Rockefeller - Owned Standard Oil • Used Horizontal Integration • Andrew Carnegie - Owned Carnegie Steel Company • Used Vertical Integration Turn to page 598 in your textbook and analyze the graphic labeled, Economics & History. Answer the following questions with your partner: What is the difference between vertical and horizontal integration? As a business owner, why would you want to use these methods?

  13. Partner Task Turn to page 595 in your textbook and analyze the political cartoon with a partner. Answer the following question: Why might laws be passed to control monopolies?

  14. Influence of Big Business • Businesses gave government officials bribes and favors in exchange for laws and policies that benefited business (political machines) • When labor and business disagreed, government often sided with business • This led to very poor working conditions for laborers

  15. The Industrial Revolution had a profound effect on America’s economy, cities, culture and America’s influence in the world The Industrial Revolution affected the: • growth of cities • rise of the middle class • future technological advances • labor issues • need to look for natural resources in other countries

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