1. 6/12/2018 1:22 PM
Chapter 10
Section 1
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2. Industrial Revolution
In America:
1800’s
Started in New England
Bad farm lands
Factories near water, coal, and iron

3. Industrial Revolution
American Economy was Capitalist
Capitalism: Economic system where people put their capital into a business in hopes of making a profit
Capital: Money
Free enterprise: People are free to buy, sell, and produce whatever they want and work wherever they want

4. Industrial Revolution
Technologies
Cotton gin- machine which removed seeds from cotton fiber
(Eli Whitney)
Congress passed patent laws
Patent: Sole inventor gets legal right to invention and its profits

6. Industrial Revolution
Factory system was invented by textile maker Francis Cabot Lowell
Factory system: System to manufacture products together in one place to increase efficiency
Interchangeable parts- Identical machine parts that could be put together to make a complete product

8. Industrial Revolution
Northeast had small farms
South consisted of plantations which produced cotton
Slaves used to pick cotton

9. Industrial Revolution
Stocks: Shares of ownership in a company
First Bank of United States expired in 1811
Second Bank of United States (1816)
Large loans to businesses
State banks and frontier criticized Bank to be a monopoly
20% of capital U.S. Capital in bank
80 % of capital from foreign investors

10. Industrial Revolution
New cities formed
(Cincinnati, Pittsburgh)
Dangers of urban areas
Not sanitary (Yellow fever of 1793)
Fires
Advantages of cities
More job offers
Libraries, museums, etc.