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Section 1 “The Rise of Industry”
Industrialization Section 1 “The Rise of Industry”
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Natural Resources Even before the invention of the automobile, petroleum was in high demand because it could be turned into kerosene. Edwin Drake – Drilled the first oil well.
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Free Enterprise Laissez-faire relies on supply and demand to regulate prices and wages. Supporters of laissez-faire believed the government should interfere in the economy only to protect property rights and maintain peace. Protect new domestic businesses from foreign competition.
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Free Enterprise During the early days of industrialization, many members of Congress believed that tariffs were necessary to help new American industries compete with large established European factories.
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New Inventions Alexander Graham Bell – Invented the telephone.
“Come here Watson, I want you.” Thomas Alva Edison – Invented the phonograph, light bulb, electric generator, etc. Set up Menlo Park which became the forerunner of the modern research laboratory.
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Technology’s Impact Northrop Automatic Loom – Changed bobbins without stopping. Measurements taken of Union soldiers during the Civil War led to the development of ready made clothes.
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Section 2 “The Railroads”
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Pacific Railway Act – Began the railroad boom.
Union Pacific Central Pacific Hired workers from China when there was a labor shortage in CA. Construction of the transcontinental railroad pushed west from Omaha, Nebraska. The government offered each railroad company building the transcontinental railroad land along its right-of-way to encourage rapid construction.
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Railroad companies raised a large percentage of their money from selling government land grants.
In 1883 the American Railway Association divided the country into four different time zones. Cornelius Vanderbilt – Began the first direct rail service from New York City to Chicago.
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Crédit Mobilier Scandal - Union Pacific investors became rich by paying inflated bills from a construction company they controlled. Jay Gould - Practiced “insider trading”.
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