Industrialization US History Objectives: **Discuss the rise of the

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Presentation transcript:

Industrialization US History Objectives: **Discuss the rise of the Progressive Movement **Detail the rise of President Teddy Roosevelt SOL – VUS.8 Timeline – 1870s -1920s

Twas a time of Inventions and Innovations Business and Industry grew rapidly after the Civil War New inventions reinforce economic development

#1Bessemer Steel Process Henry Bessemer invents a process for making high-quality steel efficiently and cheaply. Partners with Andrew Carnegie – open a steel company in Pittsburgh in 1875

#2 Thomas Edison The Wizard of Menlo Park Invented the Phonograph in 1877 Perfected the light bulb in 1879 Over 1000 patents and inventions

#3 Alexander Graham Bell Invented the telephone in 1876 Creates first phone company – Bell Telephone Today it is AT&T

#4 Wright Brothers First successful powered flight at Kitty Hawk, NC in 1903

#5 Henry Ford Inventor of the assembly line in 1913 Divides operations into simple tasks Reduces time of making cars from 12 hours to 93 minutes

#6 Corporate America Goal = monopoly – control all aspects of industry Limited Liability – limits a shareholders risk to only the original investment and is not liable for the debts of the company.

Reasons for Economic Transformation #1 Laissez-Faire Capitalism Favors Business low to no taxes low to no Gov’t regulation

#2 Increasing labor supply Millions of immigrants Rural migration to the city

#3 Natural Resources Coal Iron Timber Water Copper

The Trusts / Monopolies One company allows another company to “manage” their business (sneaky way around anti-monopoly laws) Vertical Integration Horizontal Integration

The Gilded Age (1870s-1900s) Industrialization creates a huge gap between the rich Robber Barons & everyone else ( the 1% and the 99%) Poor Rich

The Robber Barons #1 – Andrew Carnegie (1835-1919) Owned 80% of US steel Teamed w/ Bessemer to make steel Vertical Integration – owned all the businesses which depend on the operation.

The Robber Barons #2 – John D. Rockefeller (1839-1937) Owned 90% of US oil - Standard Oil Horizontal Integration – combined similar businesses into one large corporation

The Robber Barons #3 – Cornelius Vanderbilt (1794-1877) Controlled East USA railroads

The Robber Barons #4 - J.P. Morgan (1813-1917) Major player in US banking, steel, and RRs (J.P. Morgan & Company) Richest man in the world (estimated worth in today’s money = $1.3 billion dollars)