The Rise of Industrialization What is Industrialism? Economic organization of a society built largely on mechanized manufacturing

4 Key Factors These 4 factors helped to create the conditions in the United States necessary for massive economic growth at the turn of the century. 1. Natural Resources 2. Labor Supply = Large workforce 3. Capitalism =Free Enterprise 4. New Inventions

1. Natural Resources

1. Natural Resources American expansion and territorial gain opens up the nations vast natural resources Water, timber, coal, iron, copper and petroleum provide the ingredients for industry U.S. does not need to import

2. Labor Supply

2. Labor Supply Growing American population provided valuable “Labor” force From 1860 – 1910 the population of the U.S. tripled Two causes of growth Larger Families Immigration: 1870-1910, 20 million immigrants

3. Capitalism The economic system in the U. S 3. Capitalism The economic system in the U.S. that is motivated by profits, allows for consumer freedom, and protects the private rights of business.

3. Capitalism Economic organization driven by profits Entrepreneurs: people who risk their capital (wealth) in organizing and running a business Laissez-Faire: belief that the government should “Let” people “Do” as they choose As evidence by lower taxes, few laws or regulations and high import tariffs

4. Inventions

4. Inventions Helped to improve the nation’s productivity Alexander Graham Bell: telephone 1877 Thomas Alva Edison: Light bulb 1879 and Electricity Henry Bessemer: process to make steel stronger and lighter

Exit Slip Question: Explain which of the four factors discussed in class today was the most important towards the growth of American Industrialization in the late 1800s and early 1900s? Resources Labor Capitalism Inventions