1. Second Industrial Revolution

2. Industry and Railroads Bessemer process is created in the 1850s By 1910 the U.S. becomes the world’s top steel producer Railroads, bridges, and buildings – expansion of American infrastructure Factories could produce more goods The low cost of steel also made everday items such as nails and wire

3. Brooklyn Bridge

4. Home Insurance Building in Chicago

5. Between 1865-1890 the number of miles of railroad track jumped fivefold Prompted the federal government to give railroads land grants Pacific Railway Act (1862): Central Pacific and Union Pacific Increased settlement of the West Created Standard Time and time zones (1918)

8. The Rise of Big Business Entrepreneurs – risk takers Capitalism – free enterprise where most businesses are privately owned Laissez-faire capitalism – ‘leave alone’ Social Darwinism – huge inequalities exist, but do so because of competition for survival. Stronger members adapt while weaker ones die out (natural selection). Businesses will succeed and many will fail (people as well).

10. The corporation developed – business with the legal status of an individual. They are owned by people who own stock, or shares Advantages – Corp. can raise money by selling stock – Stockholders lose what they invest – Corp. can last after founders move on Many competing corporations form a trust – In many cases it led to monopolies

12. http://www.nytimes.com/ref/ business/20070715_GILDED_ GRAPHIC.html# http://www.nytimes.com/ref/ business/20070715_GILDED_ GRAPHIC.html#

13. John D. Rockefeller – Standard Oil; vertical integration; horizontal integration – Eventually controls 90% of America’s oil supply Andrew Carnegie – Immigrant; worked for Pennsylvania Railroad; bought his own; Carnegie Steel Company; philanthropist Cornelius Vanderbilt – Railroads and steamships George Pullman – Designing and building sleeper cars

19. Pullman Company Town

20. Robber Barons (or) Captains of Industry?

21. Advertising marketed to specific groups Department stores make shopping easier Rural communities ordered from catalogues

22. Workers Unite Many industrial workers make no more than $500 a year In 1890 10% of the population owns 75% of the wealth Congress passes the Sherman Antitrust Act in 1890 – can’t form trusts that interfere with free trade (few cases were prosecuted)

23. Many factory workers were immigrants, rural transplants, African Americans, children By 1900 1 in 6 kids 10-15 held a job outside the home 12-16 hrs. a day, 6 days a week in the factory No paid vacation, no sick leave, no workmen’s comp. Beginnings of organization – Knights of Labor (1869) accepted unskilled labor

24. Goals of the Knights of Labor – 8 hr. workday – End of child labor – Equal pay for equal work – They engaged in boycotts, negotiation, and then strikes

25. Great Railroad Strike (1877) – The Haymarket Riot (1886) –