Industrial Revolution

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Industrial Revolution
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Presentation transcript:

Industrial Revolution Rise of Big Business and Industry

Industrial Revolution Rapid growth in manufacturing in late 1800’s By mid 1890’s U.S. led the world in industrial production

Inventions that led to industrial growth Electric Lighting – allowed work to continue after sun down Mechanical use of electricity – began the process of machine use Telephone Service – communication became quick and easy

Thomas Edison Can you believe I failed one thousand times to invent the light bulb?!? Inventions… Light bulb Motion Picture Electric Vote Recorder Iron Ore Seperator Automatic Telegraph Electric Pen Phonograph Electric Generator Speaker Phone Universal Stock Printer Akaline Battery

Reasons for rise Coal and steam power provided transportation over land Transportation – increase in rail Intercontinental Railroad Rail services include sleeping and dining cars Allowed goods to reach far into American interior

Captains of Industry John D. Rockefeller Andrew Carnegie oil Andrew Carnegie steel Cornelius Vanderbilt shipping and railroads

John D Rockefeller Began “Standard Works” in Cleveland, Ohio Oil refinery business By 1868 largest oil refinery in the world Aim was to limit waste as much as possible Changed to “Standard Oil” in 1870 Wanted to integrate all oil refinery oligopolistic market – market is controlled by a small group of firms Rockefeller's fortune peaked in 1912 at almost $900,000,000

Andrew Carnegie Bessemer process – manufacture steel quickly and cheaply by blasting hot air through melted iron to remove impurities Rags to riches story Carnegie Steel Company in Pittsburgh, Pa Maximize profits, minimize inefficiency Sold company in 1901 for $480 million Eventually gave away $350 million in philanthropy projects

Cornelius Vanderbilt Began in steamships, built railroads Streamlined the railroads by cutting inefficiencies Consolidated many of the smaller independent rail lines Donated $1 million to help fund Vanderbilt University in Nashville At his death he was worth more than $100 million

Results - Steel led to…some stuff??? Oil led to…seriously? Railroads…duh

Few More Results… Cities grew exponentially Immigration Mechanization of farm equipment Advertising Labor Unions Child Labor Laws $$$$!!!!$$$$!!!!!$$$$$

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