US Industrialization

American Industrialization Industrial Revolution began in early 1800’s 1860 – out of 30m people, only 1.3m worked in industry After Civil War, the US began to industrialize Gross National Product Total value of all goods/services produced By 1914 – GNP was 8x greater than at end of Civil War (1865) Industrialization transformed the US into world power Industrialization was propelled by inventions but also propelled invention itself 2

Factors Natural Resources US had an abundance of raw materials Water, timber, coal, iron, copper Oil discovered in Pennsylvania No need to import goods from other countries, making goods cheaper 3

Factors Natural Resources Workforce US had an abundance of raw materials Water, timber, coal, iron, copper Oil discovered in Pennsylvania Many were located in the west Railroads made transport easy Workforce Between 1860 & 1910, US population 3x Immigration & large families Allowed for more workers & more demand for goods No need to import goods from other countries, making goods cheaper 7

Laissez-faire Government regulations allowed for free enterprise “Hands off” Attracted investors from Europe Supporters of Laissez-faire opposed: Taxes Public debt Tariffs Subsidies Allowing companies to compete with each other creates more wealth for everyone “Social Darwinism” 10

Monopolies