Chapter 5: Industrialization Section 1: The Rise of Industry Pages 182 - 187

Industrialization Industrial Revolution reached the U.S. in the early 1800s Civil War Population: 30 million in the U.S.; 1.3 million worked Gross National Product (GNP): total value of all goods and services that a country produces 2011 GDP $15 trillion, 2011 debt $15 trillion

Natural Resources The U.S. has an abundance of raw materials including timber, coal, iron, and copper American oil industry was built on demand for kerosene In 1859, Edwin Drake, drilled the first oil well near Titusville, Pennsylvania

Bell and the Telephone In 1874, a Scottish immigrant named Alexander Graham Bell suggested the idea of a telephone to his assistant Thomas Watson Idea evolved from the telegraph In 1877, Bell organized the Bell Telephone Company, known today as the American Telephone and Telegraph Company (AT&T)

Free Enterprise Late 1800s Americans embraced the concept of laissez-faire, a French phrase meaning “Let the people do as they choose” Government should not interfere in the economy other than to protect private property rights and maintain peace

Free Enterprise (continued) Many capable and ambitious people ventured into business, entrepreneurs, people who risked everything to organize and run a business. (Henry Ford, Alexander Graham Bell, Steve Jobs)