1. Grab paper from the front table Sit in the same desk as last class
Get out something to write with!

2. Free Enterprise and Economic Growth
Gilded Age Pt 1
Free Enterprise and Economic Growth

3. Gilded Age Intro 1877-1918 Gilded: covered thinly with gold
Wealth hid problems faced by immigrants, laborers, farmers
Industrial growth, large monopolies, removal of Native Americans to reservations, immigration, corruption

4. Rise of New Technology Free enterprise system- economic system
Can choose professions
Limited government involvement (laissez- faire)
Competition
Profit motive
Pros and Cons
Definition of Laissez-faire/free enterprise:
Pros of Laissez-faire/ Free Enterprise
Cons of Laissez-faire/ Free Enterprise
get to choose jobs
some people really poor, some really rich
new inventions and ideas
unemployment
chance to earn a lot of money
focus on making money, not always helping people
provided jobs for a lot of people
Pros of Laissez-faire/ Free Enterprise
Cons of Laissez-faire/ Free Enterprise

5. Rise of New Technology Entrepreneurship
Person who can convert an idea or invention into a successful innovation
Very common during Gilded Age
Why would someone want to be an entrepreneur?
Patent- gov grant; gives creator sole right to make, use, and sell invention

6. Inventions Due to electricity, lots of new inventions
New Inventions/ Innovations
New Inventions/ Innovations
Telegraph/ Telephone
Sewing Machine
Bessemer Process
Electricity
Thomas Edison
Due to electricity, lots of new inventions
Telegraph- Samuel Morse; send messages over long distances
Telephone- Alexander Graham Bell
Sewing Machine- Isaac Singer
Thomas Edison- Wizard of Menlo Park
Light bulb, phonograph, movies, direct electrical current (energy generated on site)
George Westinghouse- alternating current (power transported from power plant to building) (used ideas from Nikola Tesla)

8. Innovations Edwin Drake- first person to drill for oil
John Roebling- created write rope suspension bridges; Brooklyn Bridge
Andrew Carnegie- used Bessemer process to manufacture steel
Rags to riches; was an immigrant
Wealthiest man at his time
Known for philanthropy- gave away a lot, esp to libraries
Bessemer process- made steel lighter, easier to make, and cheaper
What effects does this have on buildings, bridges, and construction?

10. How did these new inventions affect the standard of living in the US?
How do you think these innovations affect the economy? How did they change the type of work being done?

11. STAAR Practice
Which best describes a positive contribution of Andrew Carnegie?
Carnegie helped workers obtain better conditions in his factories
Carnegie showed how to organize large-scale production as well as how to use profits in philanthropic activities
Carnegie obtained secret rebates from railroad companies shipping his products
Carnegie obtained near monopoly control of one part of a national industry, rather than engaging in several related activities

12. Big Idea
What role does free enterprise play in innovation and entrepreneurship?

13. Before (what did we use before that was invented?)
Invention (inventor)
Modern Day (what new technology do we use today in place of that?)
Writing letters, smoke signals, carrier pigeons
Telegraph (Samuel Morse)
Cell Phone, texting 1. 2. 3. 4.