 Railroads cost lots of money to build and maintain  Entrepreneurs sold Stock  Corporations were able to raise capital to invest into industrial equipment  By the late 1800’s large corporations were began to appear in the United States

John D. Rockefeller Standard Oil Andrew Carnegie Carnegie Steel Company

 Wanted control of the entire industry  Made huge profits by reducing the cost to produce goods  Workers earned less money for long hours and stockholders earned high profits

 Rich deposits of iron ore and coal  Waterway Transportation  William Cockerill built spinning wheel  Other inventions followed  English workers fled to Belgium

 Pockets of Industrialization  Coal in Ruhr Valley  Imported Equipment  Children educated in England  Railroads built  Help them become a military power

 Industrialization came about in regions  Bohemia developed spinning industry  Spain processed more cotton than Belgium  France controlled industrialization due to their strong agricultural economy  Many European countries did not industrialize  Geographical Problems  Mountains  Waterways

 Widened the gap between industrialized and nonindustrialized countries  Companies needed materials to feed the machines  Industrialized countries look to nonindustrialized countries for their products  Britain exploited their own colonies  Imperialism is born  Need to supply the factories with resources and in turn sell their products

 Western Europe and the United States saw changes in people lives  Africa and Asia still relied on agriculture  Created change in life styles & life expectancy  Even with all the issues, the middle class rose during the industrial revolution  Education  Democratic participation  Social Reform