Industrialization Unit 7. Industrialization period between the Civil War & WWI (1860 – 1914) when USA underwent economic transformation that involved.

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Presentation transcript:

Industrialization Unit 7

Industrialization period between the Civil War & WWI (1860 – 1914) when USA underwent economic transformation that involved developing industrial economy. This included big business, growth of large-scale agriculture, & rise in national labor unions, & industrial conflict.

I. Industrialization takes hold A.Resources 1.Moved from agricultural economy to industrial economy (factories) b/c had a variety of natural resources & number of workers GOAL = turn raw materials into finished goods

I. Industrialization takes hold Why did the USA industrialize so fast??? 1.Natural Resources - Materials that are found in nature & can be used to make/power things

I. Industrialization takes hold Why did the USA industrialize so fast??? 2.Coal, iron ore & navigable rivers a.Coal mining from Pennsylvania to Alabama b.Iron mining in Michigan, Wisconsin, & Pennsylvania c.Oil drilling = went from 2000 barrels in 1859 to 64 million in 1900

I. Industrialization takes hold Why did the USA industrialize so fast??? 3.Labor force - had abundance of workers to fill new jobs in cities – 1900 US population force doubled (= 75 million) 5.Pull factors of new opportunities attracted immigrants to America a.Most workers = male & took any job but paid low wages

II. Policies & Investments A.Free Enterprise System 1.Laissez-faire capitalism system (meaning few government restraints)

II. Policies & Investments A.Free Enterprise System 2.Entrepreneurs earned and received favors from Congress a.Govt encouraged industrialization with friendly immigration laws b.Want to make money (worked for money not prestige or honor)

III. Science & Technology A.Inventions 1.Improved transportation & communications led to nation’s growth

III. Science & Technology A.Inventions s – Bessemer Steel Process – revolutionized American-steel making by making production more efficient and less expensive

III. Science & Technology B.Railroads 1.One single factor most responsible for growth of US industry

III. Science & Technology B.Railroads 2.Railroad allowed business to sell goods across continent

III. Science & Technology B.Railroads 4.Cornelius Vanderbilt – successful railroad consolidator (tycoon.) He made railroad travel more efficient and cheaper. Eventually brought rail lines from NY to Chicago under his control

IV. Growth of Big Business A.American Enterprise 1.Railroads = America’s first big business 2.Most large railroad lines organized by corporations with investors 3.Led to mass market of new inventions, transportation & communications

IV. Growth of Big Business B.Benefits of Big Business 1.Could manufacture enough products to meet demands 2.Better products for less money than smaller competitors 3.Increase efficiency w/ specialized departments

IV. Growth of Big Business C.Tactics of Big Business 1.b/c efficient & organized could take advantage of competitors & public 2.Led to many creating monopolies (& then raised prices) 3.To earn wealth & opportunities used deceiving tactics like: avoiding the law, bribing officials/police, or destroying labor unions

VI. Captains of Industry A.John D. Rockefeller & Standard Oil Co. 1.Best example of horizontal integration = owned many oil producing companies 2.John D. Rockefeller owned Standard Oil – earned $1 billion in petroleum (oil) refining 3.Scientists discovered (1855) could refine oil into kerosene and used in lamps

VI. Captains of Industry A.John D. Rockefeller & Standard Oil Co. 4.By 1880 Rockefeller controlled 90% of nation’s refining business (often used sneaky tactics to get ahead) a.Found out competitors prices and would sell for less than to produce it & then would buy when competitor out of business

VI. Captains of Industry B.Andrew Carnegie & Carnegie Steel Corp. 1.Best example of vertical integration = owned businesses involved in making steel 2.Early on invested $$ in iron company – saw success & demand in railroads – w/ investors built largest modern steel mill near Pittsburgh, PA

VI. Captains of Industry B.Andrew Carnegie & Carnegie Steel Corp. 6.Successful b/c he took the guesswork out of steel-making a.He hired best technical & scientific experts in the field to work for him 7.Also could set prices below competitor and still make profit

VI. Captains of Industry C.John P (JP) Morgan – Andrew Carnegie sold Carnegie Steel Corp for $1 billion to JP Morgan 2.Morgan was a banker & new owner of United States Steel (the world’s largest business at the time)