1. Section 5-1 The Rise of Industry

2. Natural Resources Fuel Industrialization Three major factors leading to the industrial boom: 1. a wealth of natural resources 2. government support for business 3. a growing urban population that provided both cheap labor and markets for new products

3. Natural Resources Fuel Industrialization Gross National Product- the total value of all goods and services that a country produces Edwin L. Drake- First to successfully use a steam engine to drill for oil (Titusville, PA). Bessemer Process- Process for making steel. Involved injecting air into molten iron to remove the carbon and other impurities.

4. Inventions Promote Change Thomas Alva Edison- Established the world’s first research laboratory (Menlo Park, NJ), perfected the incandescent light bulb, and invented an entire system for producing and distributing electrical power. Christopher Sholes- Invented the typewriter (1867). Alexander Graham Bell- Invented the telephone (1876).

5. Free Enterprise Laissez-faire- “Let the people do as they choose.” Supporters believe the government should not interfere in the economy other than to protect private property rights and maintain peace Entrepreneurs- people who risk their capital to organize and run businesses. Morrill Tariff- greatly increased tariff rates. Contradicted laissez-faire. Free Enterprise