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The Second industrial revolution. Mr. Ermer U.S. History Miami Beach Senior High. The Rise of Industry. 1861: Most Americans live on farms After the Civil War, more move to cities for work Second Industrial Revolution (Technology) 1900: USA=world’s richest country in GNP

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the second industrial revolution

The Second industrial revolution

Mr. Ermer

U.S. History

Miami Beach Senior High

the rise of industry
The Rise of Industry
  • 1861: Most Americans live on farms
    • After the Civil War, more move to cities for work
    • Second Industrial Revolution (Technology)
  • 1900: USA=world’s richest country in GNP
    • Gross National Product (GNP) = total goods and services produced in a year by a country
  • United States’ advantages:
    • Natural Resources (timber, copper, coal, iron, oil)
    • Large Workforce (large families, immigrants)
    • New Inventions (light bulb, phone, telegraph, auto loom, refrigeration, air breaks for trains)
free market capitalism
Free Market Capitalism
  • Laissez-faire: Government should interfere as little as possible in business affairs
    • Relies on supply and demand to regulate wages and prices
    • “The scariest words in politics are ‘we are the government, and we’re here to help’”
  • Entrepreneurs: one who organizes, manages, and assumes the risks of a business or enterprise
    • Start businesses, grow rich, help economic growth
the railroads
The Railroads
  • May 10, 1869: The first transcontinental railroad connects the Atlantic to Pacific, with two lines meeting at Promontory Summit, UT
  • Railroads crisscross country
    • South benefits from improved transportation
      • Florida tourist trade begins
  • Railroads develop idea of time zones in 1883
  • Gov’t gives land grants to railroad investors, investors sell the land for huge profits
captains of industry or robber barons
Captains of Industry or Robber Barons?
  • Huge railroad profits= corruption
    • Bribing congressmen, cheating taxpayers, swindling
  • Credit Mobilier Scandal
    • Businessmen sign overpriced contracts with themselves with government money
  • Many railroad investors like Cornelius Vanderbilt and Leyland Stanford give large sums to charities, start universities
work on it
Work on it:
  • On page 99, write and answer questions 1-5