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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 • 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 • 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 • 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? • 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: • On page 99, write and answer questions 1-5