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Chapter 14 “Industrialization” 1865-1901

Chapter 14 “Industrialization” 1865-1901. Section 1 “The Rise of Industry”. Causes of Rapid Industrialization. Steam Revolution of the 1830s-1850s. The Railroad fueled the growing US economy: First big business in the US. A magnet for financial investment. The key to opening the West.

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Chapter 14 “Industrialization” 1865-1901

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  1. Chapter 14 “Industrialization” 1865-1901 Section 1 “The Rise of Industry”

  2. Causes of Rapid Industrialization • Steam Revolution of the 1830s-1850s. • The Railroad fueled the growing US economy: • First big business in the US. • A magnet for financial investment. • The key to opening the West. • Aided the development of other industries.

  3. Causes of Rapid Industrialization • Technological innovations. • Bessemer and open hearth process • Refrigerated cars • Edison • “Wizard of Menlo Park” • light bulb, phonograph, motion pictures.

  4. Causes of Rapid Industrialization • Unskilled & semi-skilled labor in abundance. • Abundant capital. • New, talented group of businessmen [entrepreneurs] and advisors. • Market growing as US population increased. • Government willing to help at all levels to stimulate economic growth. • Abundant natural resources.

  5. New Business Culture • Laissez Fairethe ideology of the Industrial Age. • Individual as a moral and economic ideal. • Individuals should compete freely in the marketplace. • The market was not man-made or invented. • No room for government in the market!

  6. Thomas Alva Edison “Wizard of Menlo Park”

  7. The Light Bulb

  8. The Phonograph (1877)

  9. The Ediphone or Dictaphone

  10. The Motion Picture Camera

  11. Alexander Graham Bell Telephone (1876)

  12. Alternate Current George Westinghouse

  13. Alternate Current Westinghouse Lamp ad

  14. The Airplane Wilbur Wright Orville Wright Kitty Hawk, NC – December 7, 1903

  15. Model T Automobile Henry FordI want to pay my workers so that they can afford my product!

  16. U. S. Patents Granted 1790s  276 patents issued. 1990s  1,119,220 patents issued.

  17. Chapter 14 “Industrialization” 1865-1901 Section 2 “The Railroads”

  18. 1st TRANSCONTINENTAL RAILROAD • May 10, 1869 at Promontory, Utah • “The Wedding of the Rails” • Central Pacific and Union Pacific

  19. Promontory, Utah

  20. “The Big Four” Railroad Magnates • Financed the Central Pacific • Hired Chinese men to do the labor • They had to cut through the Sierra Nevada mountain range. Charles Crocker Collis Huntington Mark Hopkins Leland Stanford

  21. Effects Development of time zones Sped long-distance transportation Longer and heavier trains used Nationwide Rail Network Rate per mile declined united America’s regions Promoted a national market

  22. Land grants Private investment Ways Railroads Were Financed Money generated from running the railroads Gifts of public lands to R.R.

  23. Chapter 14 “Industrialization” 1865-1901 Section 3 “Big Business”

  24. New Business Culture:“The American Dream?” • Protestant (Puritan) “Work Ethic” • Horatio Alger [100+ novels] Is the idea of the “self-made man” a MYTH??

  25. New Type of Business Entities • Pool1887Interstate Commerce ActInterstate Commerce Commission created. • Trust John D. Rockefeller • Standard Oil Co.

  26. Standard Oil Co.

  27. New Type of Business Entities • Trust: • Horizontal Integration John D. Rockefeller • Vertical Integration: • Gustavus Swift  Meat-packing • Andrew Carnegie  U. S. Steel

  28. Iron & Steel Production

  29. New Type of Business Entities

  30. U. S. Corporate Mergers

  31. New Financial Businessman The Broker: • J. Pierpont Morgan

  32. Wall Street – 1867 & 1900

  33. The Reorganization of Work Frederick W. Taylor The Principles of Scientific Management (1911)

  34. The Reorganization of Work The Assembly Line

  35. % of Billionaires in 1900

  36. % of Billionaires in 1918

  37. The Protectors of Our Industries

  38. The ‘Bosses’ of the Senate

  39. The ‘Robber Barons’ of the Past

  40. Cornelius [“Commodore”] Vanderbilt Can’t I do what I want with my money?

  41. William Vanderbilt • The public be damned! • What do I care about the law? H’aint I got the power?

  42. Regulating the Trusts 1877 Munn. v. IL 1886 Wabash, St. Louis & Pacific Railroad Company v. IL 1890 Sherman Antitrust Act • in “restraint of trade” • “rule of reason” loophole 1895 US v. E. C. Knight Co.

  43. Relative Share of World Manufacturing

  44. Modern ‘Robber Barons’??

  45. Chapter 14 “Industrialization” 1865-1901 Section 4 “Unions”

  46. Labor Unrest: 1870-1900

  47. The Molly Maguires(1875) JamesMcParland

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