The Rise of Industry 5-1

Industrial Growth due to: 1. Wealth of natural resources 1. Wealth of natural resources 2. Explosion of inventions 2. Explosion of inventions 3. Growing urban populations provide new markets 3. Growing urban populations provide new markets 4. Market System/Capitalism 4. Market System/Capitalism

Natural Resources Oil Oil –Abraham Gesner discovers kerosene can be used to light lamps –1859- Edwin Drake First to use a steam engine to drill for oil

Steel U.S. has abundant raw materials to produce steel U.S. has abundant raw materials to produce steel –Iron ore –Coal

Uses for Steel Railroads Railroads

Uses for Steel Joseph Glidden’s barbed wire Joseph Glidden’s barbed wire

Uses for Steel John Deere’s Steel Plow John Deere’s Steel Plow Cyrus McCormick’s Mechanical Reaper Cyrus McCormick’s Mechanical Reaper

Uses for Steel Brooklyn Bridge Brooklyn Bridge

Uses for Steel Home Insurance Building in Chicago Home Insurance Building in Chicago

Inventions Create Change Electricity Electricity –Thomas Alva Edison  invented first incandescent light bulbs  set up power plants around country  used direct current which was dangerous

Nikola Tesla Discovered Alternating Current Discovered Alternating Current Could be carried further on electric lines Could be carried further on electric lines

Electricity Continued George Westinghouse George Westinghouse –made electricity safer and cheaper –introduced alternating current

Other Inventors Christopher Sholes Christopher Sholes –Invented the typewriter

Other Inventors Alexander Graham Bell Alexander Graham Bell –Invented the telephone in 1876

Capitalism Economic system where the means of production are privately owned and operated for profit Economic system where the means of production are privately owned and operated for profit

Laissez Faire Economic policy popular in the 1800s. Economic policy popular in the 1800s. Gov’t does not interfere with business Gov’t does not interfere with business –Low taxes, low gov’t debt, no regulation

Tariffs Taxes on imports Taxes on imports –Make foreign goods more expensive so domestic goods are more competitive –Contrary to laissez faire attitudes, but aided business –I.e. Morrill Tariff- tripled tariffs