Grab paper from the front table Sit in the same desk as last class Get out something to write with!

Free Enterprise and Economic Growth Gilded Age Pt 1 Free Enterprise and Economic Growth

Gilded Age Intro 1877-1918 Gilded: covered thinly with gold Wealth hid problems faced by immigrants, laborers, farmers Industrial growth, large monopolies, removal of Native Americans to reservations, immigration, corruption

Rise of New Technology Free enterprise system- economic system Can choose professions Limited government involvement (laissez- faire) Competition Profit motive Pros and Cons Definition of Laissez-faire/free enterprise:   Pros of Laissez-faire/ Free Enterprise Cons of Laissez-faire/ Free Enterprise get to choose jobs some people really poor, some really rich new inventions and ideas unemployment chance to earn a lot of money focus on making money, not always helping people provided jobs for a lot of people   Pros of Laissez-faire/ Free Enterprise Cons of Laissez-faire/ Free Enterprise  

Rise of New Technology Entrepreneurship Person who can convert an idea or invention into a successful innovation Very common during Gilded Age Why would someone want to be an entrepreneur? Patent- gov grant; gives creator sole right to make, use, and sell invention

Inventions Due to electricity, lots of new inventions New Inventions/ Innovations New Inventions/ Innovations Telegraph/ Telephone Sewing Machine Bessemer Process Electricity Thomas Edison Due to electricity, lots of new inventions Telegraph- Samuel Morse; send messages over long distances Telephone- Alexander Graham Bell Sewing Machine- Isaac Singer Thomas Edison- Wizard of Menlo Park Light bulb, phonograph, movies, direct electrical current (energy generated on site) George Westinghouse- alternating current (power transported from power plant to building) (used ideas from Nikola Tesla)

Innovations Edwin Drake- first person to drill for oil John Roebling- created write rope suspension bridges; Brooklyn Bridge Andrew Carnegie- used Bessemer process to manufacture steel Rags to riches; was an immigrant Wealthiest man at his time Known for philanthropy- gave away a lot, esp to libraries Bessemer process- made steel lighter, easier to make, and cheaper What effects does this have on buildings, bridges, and construction?

How did these new inventions affect the standard of living in the US? How do you think these innovations affect the economy? How did they change the type of work being done?

STAAR Practice Which best describes a positive contribution of Andrew Carnegie? Carnegie helped workers obtain better conditions in his factories Carnegie showed how to organize large-scale production as well as how to use profits in philanthropic activities Carnegie obtained secret rebates from railroad companies shipping his products Carnegie obtained near monopoly control of one part of a national industry, rather than engaging in several related activities

Big Idea What role does free enterprise play in innovation and entrepreneurship?

Before (what did we use before that was invented?) Invention (inventor) Modern Day (what new technology do we use today in place of that?) Writing letters, smoke signals, carrier pigeons Telegraph (Samuel Morse) Cell Phone, texting 1. 2. 3. 4.